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

To: Razorbak who wrote (74019)	9/20/2000 10:31:09 PM
From: pz	Read Replies (1) \| Respond to of 95453

Wednesday September 20, 10:25 pm Eastern Time Chavez Says OPEC Output Meets Demand By ALEXANDRA OLSON Associated Press Writer CARACAS, Venezuela (AP) -- Venezuelan President Hugo Chavez Wednesday defended the reluctance of oil producing nations to further boost output, saying world crude oil supply in August exceeded demand by almost 2 million barrels a day. Chavez blamed sluggish refining activity, high gasoline taxes in industrialized countries and market speculation -- not lack of supply -- for the spike in fuel prices. Venezuela's oil ministry estimates that world daily oil supply in August was 77.8 million barrels compared with demand of 76 million barrels, Chavez said in a televised address. The International Energy Agency ``says that OPEC can increase production by 2.2 million barrels a day. We think that should be considered with caution because it is not true that supply is below demand,'' Chavez said. ``OPEC has increased production this year much more than necessary,'' he added. The Organization of Petroleum Exporting Countries has increased production three times this year to some 3.2 million barrels a day in a failed bid to cool petroleum prices, which have soared to 10-year-highs this month. Motorists and other fuel consumers staged massive protests in Europe against the rising costs. Although OPEC insists factors outside production are to blame for high oil prices, Venezuela's oil minister Ali Rodriguez has said the group would consider raising output a fourth time this year. OPEC will meet on Nov. 12 to reassess market conditions. Rodriguez said on Tuesday that OPEC may review its output policy at its heads of state summit in Caracas next week. The benchmark price of crude for October delivery rose 69 cents to $37.20 a barrel on Wednesday on the New York Mercantile Exchange. Oil prices have tripled since December 1998.

To: Razorbak who wrote (74019)	9/21/2000 12:04:28 AM
From: Douglas V. Fant	Read Replies (3) \| Respond to of 95453

Razorbak, This Gore speech "takes the cake". I mean- It is just unbelievable. Where the h--- was Al Gore in 1998-1999 when over 100,000 people lost their jobs in the domestic oil & gas industry??? "Plus sa chose, plus c'est la meme chose" is the way the French put it. Al Gore reminds me of some famous historical figures,namely the Gracchi brothers, Tiberius and Gaius circa 140 B.C. in Roman politics, and their Gracchian Agrarian Reforms. I am convinced that Gore is a reincarnation of one of those two first ever Roman demagogues....Well his speech was pretty audacious. When you sat on your posterior for the last eight years and let the whole energy industry infrastructure in the U.S. deteriorate (that's the oil & gas AND power industries), then blame those industries for the logical problems that have been directly created because of this vacuum of leadership. Well Mr. Gore- You can run but you cannot hide. You might get elected by your demagoguery- However that's not going to solve the cumulative infrastructural problems in two basic industries.... Gore turns attention to oil again Meanwhile, after seeing his poll numbers rise by criticizing unpopular industries such as health insurers and drug manufacturers, Gore signaled a new focus on the oil industry as fears of winter shortages mounted in Washington. Gore said Americans "are being taken advantage of in an unfair way" by the Organization of Petroleum Exporting Countries (OPEC). He said exporters need to fulfill their promises to produce more oil, and he again said the government may need to put oil companies under scrutiny. "The basic question is whether or not you're going to have a president who is willing to fight for the people as against big oil and foreign oil, whether you have someone who's willing to stand up to them or not and I've never hesitated to do that," Gore told CNN. -------------------------------------------------------------------------------- Oil prices on the international markets hit a 10-year high this week, which could undermine the economic strength that has underpinned Gore's campaign. Bush has said he would use diplomacy -- and a reminder of who helped defend Arab states in the 1991 Persian Gulf war -- to coax OPEC nations into boosting production. Earlier this summer, when gasoline prices topped $2 a gallon in some cities, Gore accused the oil industry of gouging consumers -- and tried to link Bush, a former oil company executive, to the problem. The vice president implied Wednesday that Bush would not be willing to take on the oil companies like he would. "We're going to see the fundamental difference in this campaign," he said. "I'm not hesitant to take on the big oil companies or foreign oil. We need to protect the interests of the American people, and I assure you, I'm willing to do that." Gore said he would deliver specific proposals Thursday. Members of Congress from New England have urged the White House to take action to prevent a shortage of home heating oil during the upcoming winter. Most of them want President Clinton to release oil from the Strategic Petroleum Reserve. Energy Secretary Bill Richardson, following what he called a "frank" discussion with members of the New England Congressional Caucus, said only that the president is considering a number of options.