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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (52916)	9/20/2000 12:45:35 PM
From: Junkyardawg	Read Replies (1) \| Respond to of 63513

I think the government should do an investigation on the oil trading. I am of the opinion that oil is only up because of speculation and someone is trying to corner the oil market. This of course is illegal. dawg

To: Jorj X Mckie who wrote (52916)	9/20/2000 1:26:26 PM
From: arno	Read Replies (1) \| Respond to of 63513

Not much really... The strategic reserves are a joke. Not enough there to do much good either in increasing supply or in time of war, for which they were originally intended. Pressuring the Saudis to increase OPEC production is the short term answer, but Richardson has begged several times and Clinton even begged Nigeria to rise production, so apparently that won't work. Another problem is refining capacity. I not sure of the figures, but I believe we're nearly maxed out on capacity. For better or worse, the domestic oil refining/exploration industry has been decimated by tougher environmental laws. Even if we could get the oil we don't have the ability to process and store it. I sometimes think this hike in prices is artificial and is speculative, but the fact is if everybody went out and filled up the tank in their car today, there would be no gas tomorrow. Not enough storage capacity. To me, whether Clinton can do anything is doubtful. He's a lame duck and our foreign policy with Albright is not a strong suit. It's all in the golden rule: "He who has the gold (oil) makes the rules"