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To: LLCF who wrote (55152)	6/26/2000 12:09:00 AM
From: PaulM	Respond to of 116764

David, your posts with Zeev hit the nail on the head. When OPEC first began its cutbacks months back, the Saudi oil minister explained that oil was an "undevalued commodity" in 90's which "had to rise" now because of its "lessening importance" in the inustrialized economies. That statement was a bit cryptic and the news services didn't elaborate, but the most plausible explanation is that he was jusifying higher oil prices by turning the "American Productivity Miracle" argument on its head ("so you Americans won't be needing as much oil anyway, and since we're going to be hurt because of all these productivity increases going forward . . . ") My Motto: Never believe anything you hear about oil or gold.