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

To: BCherry168 who wrote (71900)	8/29/2000 1:48:21 AM
From: The Ox	Read Replies (1) \| Respond to of 95453

Heating oil hits 10-year high on supply fears, lifting crude oil New York--Aug. 28--Heating oil futures were lifted to a 10-year high, zooming 3.1% higher as refinery difficulties on both sides of the Atlantic Ocean exacerbated fears that inventories will be insufficient this winter. Those fears boosted crude oil 2.6%; it made a one-week high. (Story .1900) --ENERGY-- Venezuela Rodriguez says speculation adding $4 to $6 to crude prices Mexico City--Aug. 28--Venezuela Oil Minister and OPEC President Ali Rodriguez linked high oil prices to market speculation and refinery bottlenecks. He said speculation had added $4 to $6 per barrel to the price of crude oil in recent weeks, helping push them back near 10-year highs. (Story .15136)

To: BCherry168 who wrote (71900)	8/29/2000 11:34:23 AM
From: stsimon	Respond to of 95453

All the talk of $30+ dollar oil being bad for the world economy is wrong. Energy usage today is much more fuel efficient than it was during the oil shocks of the 1970's. Houses are better insulated, appliances use less energy, industrial processes are more efficient, etc. In other words, the amount of energy needed to produce a $ worth of GNP is less. On the margin, $30 oil will slow growth a tad, but that isn't necessarily all bad. At $40 a barrel substitution becomes feasible in a major way, but in the low $30's it's business as usual. I always get a kick out of some sound bite on TV where some guy is fueling his yacht or Jaguar and complaining about the price of oil.