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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: upanddown who wrote (60676)	2/21/2000 4:09:00 PM
From: Roebear	Read Replies (1) \| Respond to of 95453

John T Clarke, Thanks for the quote, even though I didn't ask for it. Course I don't remember asking about politics either and we sure got that. Being as that Pandoras Box is opened here on SD, my opinion is that this country desperately needs a Libertarian President, a Republican Senate and a barely Demoncratic House. That way we would be assurred of 4 years of blissful congressional gridlock and a President who would see to the business of leaving the citizenry alone! VBG Roebear

To: upanddown who wrote (60676)	2/21/2000 4:22:00 PM
From: Tommaso	Respond to of 95453

Gee, the oleaginous politicians did get squeezed for every drop they would yield in some of those posts. OPEC watching may soon overtake Fed watching at least for some of us. A story in the London Times says they are going to hang tough and keep the production limits, or at best expand them to the cheating level. Elsewhere one reads that the oil producers are going to be nice guys and continue to sell us their irreplaceable patrimonic resourses at a reasonable price. I hold a bunch of BPT, the Prudhoe Bay Royalty trust, and the yearly payout for 2000 could easily end up being 50% of the present stock price if oil prices go any higher. Maybe if they just hold at over $26. But so many people got burned on the big decline last year that no one wants to jump in. Anyone who bought the stock at this time last year may well get a 100% partly tax-free return on investment this year.

To: upanddown who wrote (60676)	2/21/2000 5:46:00 PM
From: kormac	Read Replies (1) \| Respond to of 95453

From Financial Times. Mexico and US agree on need to stabilise world oil markets By Henry Tricks in Mexico City - 21 Feb 2000 01:44GMT Mexico and the US this weekend saw eye to eye on the need to stabilise world oil markets as Bill Richardson, US energy secretary, began a tour of leading oil producers to convince them of the dangers of rapidly rising prices. It marked the start of a delicate mission by Mr Richardson to convey US fears that oil at more than $30 a barrel would stoke world inflation, without giving the impression the US was forcing sovereign oil nations to pump up production. "I'm not coming to pressure anybody," he told a news conference in Mexico City on Saturday, before heading on to countries including Saudi Arabia, Kuwait and Norway. So keen was he to play down any impression he had come to bully, he claimed the main reason for the visit was to see his mother, who lives in Mexico. The meeting between Mr Richardson and Luis T‚llez, the Mexican energy minister, ended with a strong common message: that it was in the interest of both Mexico and the US for oil prices to soften. But they declined to say by how much, or to what level production should be increased. Mexico "is looking for stable, high prices, but that allow growth of the world economy", Mr T‚llez said. With only 6 per cent of Mexican exports coming from oil, down from about 90 per cent in the 1970s, he argues that an inflation-induced slowdown in the US economy would hurt Mexico more than lower oil prices. Mexico, alongside Saudi Arabia and Venezuela, has led efforts among the Organisation of Petroleum Exporting Countries (Opec) and non-Opec producers to orchestrate 5.2m barrels a day of output cuts over two years to boost prices from a trough of about $10 a barrel. Mr T‚llez said the cuts were intended to remain intact until March 31, though he said they were based on "a gentlemen's agreement" rather than a formal commitment, which indicated there could be flexibility. He is to meet his Saudi and Venezuelan counterparts on March 2, who have also said the price of oil should be eased. The US government is under intense pressure at home to bring down energy costs, which have risen rapidly during a freezing winter in the north-east and pose a particular threat in an election year. One way to do that would be to sell oil from its Strategic Petroleum Reserve, which holds 569m barrels. But Mr Richardson said the US was reluctant to play that card because it would disrupt the market. Mexican officials played down the importance of the visit, viewing it as an attempt by Mr Richardson to score political points back home. To counteract the impression that Washington was calling the shots, Mr T‚llez invited opposition Mexican congressmen into the meeting, who were quietly impressed.