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To: limtex who wrote (31347)	9/10/2000 11:01:20 AM
From: Bruce Brown	Read Replies (1) \| Respond to of 54805

BB - Bloomberg - Increase starts Oct 1, wrong kind of oil for refiners, All tankers full - price going to $40. Oil up = tax on World Economy = stock market whacked. Alternative fuels better get going. Even OPEC wants to encourage them, Oh, I forgot that 20 days is too LTB&H for you. <ggg> If the world economy and stock markets get 'whacked' - perhaps you'll take advantage of that knowing that oil production is set to increase, prices are set to decline and OPEC will meet again in November to consider even more production increases. Best of luck in the short term.... BB ================ Time will tell if the VIENNA (Reuters) - OPEC ministers on Sunday agreed to raise oil supply by 800,000 barrels daily in a bid to tame runaway crude prices and avert a consumer scare over fuel costs. The Organization of the Petroleum Exporting Countries lifted production by just over three percent to 26.2 million barrels a day for 10 members, excluding sanctions-bound Iraq. OPEC's output increase, the third this year, comes amid an international outcry over gasoline prices and concerns that high energy costs could trigger inflation and dent world economic growth. The pact is effective from October 1. Ministers said the extra oil, slightly more than anticipated by dealers, should be enough to quell anxiety among importing nations and bring prices back down into the cartel's preferred range of $22-$28 a barrel. ``We think this is enough but we want consumer nations to work to reduce taxes,'' said Qatari Oil Minister Abdullah al-Attiyah. Ministers, some of whom are worried about a price collapse, will review output again at an extraordinary meeting on November 12. HEATING OIL SHORTAGE STILL TROUBLESOME Oil market analysts said that crude should retreat from last week's 10-year highs of $35 a barrel in the United States. But it could be some months before prices ease back down to the $20-$25 a barrel range sought by big oil buyers like the United States and Europe. ``This deal shows that OPEC is serious about trying to get prices down,'' said Gary Ross of U.S. consultancy Petroleum Industry Research Associates. ``But this may not have that much of an impact. Prices will stay high this winter because this will do nothing to solve the shortage of refined products. Heating oil stocks are going to stay very low.'' ``We've probably seen the peak in prices,'' said Leo Drollas of London's Center for Global Energy Studies. ``We see a small drop in prices now and an accelerating fall in the first quarter of next year as inventories start to build.''

To: limtex who wrote (31347)	9/11/2000 5:59:35 AM
From: Maurice Winn	Read Replies (2) \| Respond to of 54805

Hi Limtex, No need for alternative fuels. There is heaps of oil and gas. Coal fired stations and gas-fired will kick up a bit and cut oil demand. The OPEC crowd will get the jumps and the price will drop. The long run marginal cost of oil production is a couple of $$ a barrel in Saudi Arabia which has vast amounts. Same in Russia. Same in Venezuela. The oil prices are just having a roller coaster ride. They'll come back to earth. It won't hurt The New Paradigm one bit. It will hurry it up! Same as the Asian Contagion did in Korea in 1998. Maurice