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

To: Think4Yourself who wrote (69436)	7/11/2000 1:05:03 PM
From: The Ox	Respond to of 95453

It's obvious that refiners are playing Russian Roulette with the expectations that crude will settle down in the $25/bbl area. That's the expectation most seem to have but it's a dangerous gamble that could backfire. I don't really blame the refiners for taking this stance. It would be very hard to explain to shareholders how they screwed margins(and profits) because they were buying while oil prices were very high, especially if prices continue to drop like most expect. Like you say, the industry might have painted themselves into a corner!