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

To: WWS who wrote (74143)	9/22/2000 12:17:50 AM
From: WWS	Read Replies (1) \| Respond to of 95453

The guest commentator on the ABC Nightline show just ended was Daniel Yergin, head of Cambridge Energy Partners and author of the book about oil entitled "The Prize". He did a great job. He said the sorts of things that those of us here would have wanted him to. Basically the factors he mentioned for higher prices were 1) greatly increased demand (he mentioned SUV's prominently), 2) supply limited, even though OPEC production is now almost maxed out, and 3) extensive time needed to get significant new production on line due to neglect of infrastructure during most recent "crash" of oil prices. Finally, he said that any release of small quantities from the SPR would have effects mainly short-term, symbolic effects on market prices and supply levels. This same view of the SPR factor was also echoed earlier in the show by Tom Cunningham, the head of a commodity trading firm on the NY Merchantile Exchange. You know the best part of the entire show? Politicians were not invited as guests!