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

To: Think4Yourself who wrote (64362)	4/12/2000 7:53:00 AM
From: Think4Yourself	Read Replies (1) \| Respond to of 95453

Richardson's side of the story. My only question while reading this was: "How did his actions change what the likely outcome would have been had he not meddled?" I can't see how his actions did anything other than tick off OPEC members. OT EDIT: Enron just released earnings - excellent results. We should be going up today. Richardson Stands by U.S. Oil Diplomacy in OPEC Deal WASHINGTON, April 11 (Reuters) - U.S. Energy Secretary Bill Richardson on Tuesday said he was pleased with the way oil prices have declined since OPEC agreed in late March to increase production, but he would not comment on whether the slipping prices may prompt the cartel to reduce supply again. Richardson, who spoke while testifying before the Senate Energy and Natural Resources Committee, said: "OPEC made a good agreement. I stand behind that." OPEC's basket of seven crudes on Monday fell below the bottom end of the cartel's $22-$28 per barrel price band for the first time since the March production accord. OPEC oil ministers have said that if the 20-day average goes below $22 the cartel will act to raise prices by reducing supply. "I'm not getting into an ideal price ... the EIA (U.S. Energy Information Administration) has not projected prices to fall below the price band until early next year," Richardson said. "We'll cross that bridge when we come to it," he said. Richardson said it was clear that the intense round of talks he held with some OPEC members before they met, and controversial phone calling during the actual Vienna meeting, worked. He noted oil prices have dropped from $35 a barrel before OPEC met to current prices of about $24 a barrel for West Texas Intermediate crude on the New York Mercantile Exchange. "Our energy diplomacy worked," Richardson said. "Did I upset some countries? Yes ... Gasoline prices are going down and that was our objective." OPEC officials, notably Iran, were upset by Richardson's offensive, saying it was unprecedented for an American policymaker to get so involved in OPEC deliberations, especially via phone calls to members while they met.