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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: pater tenebrarum who wrote (20910)	9/22/2000 1:47:35 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

It's a shagging disgrace when some thug of a 3rd world dictator is telling the truth...and our own government lies to us on a daily basis: quote.bloomberg.com Fri, 22 Sep 2000, 1:41pm EDT Crude Oil Falls as Clinton Mulls Release of U.S. Reserves By Mark Shenk New York, Sept. 22 (Bloomberg) -- Crude oil fell for a second day on speculation that the U.S. will release oil from emergency reserves to quell a 32 percent rally this year. Vice President Al Gore yesterday called for the government to tap its Strategic Petroleum Reserve to combat high prices. President Bill Clinton is deciding whether to release some supplies, which would be intended to help refiners make enough home heating oil to meet demand when the weather turns colder. ``A release of the SPR will break the market,'' said Phil Flynn, senior market analyst at Alaron Trading Corp. in Chicago. It would have a ``worldwide impact, sending a powerful signal that the U.S. means business.'' Crude oil for November delivery was recently 32 cents lower at $33.68 a barrel on the New York Mercantile Exchange. Oil on Wednesday rose to $37.80, the highest price since October 1990, after Iraq invaded Kuwait. In London, Brent crude for November settlement was 8 cents lower at $32.65 a barrel on London's International Petroleum Exchange. Gore called for the oil to be released in lots of 5 million barrels but did not specify the total amount that should be made available. The 571 million-barrel reserve is equal to about 38 days of U.S. consumption. While releasing U.S. reserves would send crude oil prices lower, it would do little to reduce heating oil prices, traders said. That's because refineries are running at about 95 percent of overall capacity, according to the American Petroleum Institute, leaving little room for higher output of petroleum products. `Growing Demand' ``Release of the SPR isn't going to do anything for products,'' said Kyle Cooper, an energy futures analyst at Salomon Smith Barney in Houston. ``You only have so much refinery capacity, and they can't keep up with growing demand as the U.S. economy grows.'' U.S. inventories of distillate fuels, including heating oil, were down 19 percent last week from year-earlier levels, while crude oil supplies during the week posted an unexpected fall of 0.7 percent, the API said Tuesday. Heating oil for October delivery was recently down 0.74 cent at 99.15 cents a gallon on the Nymex. Prices have gained 44 percent this year. Members of the Organization of Petroleum Exporting Countries earlier this month raised their output quotas by 800,000 barrels a day, bringing this year's total daily production rise to about 3.3 million barrels, or about 4 percent of daily world production, according to Bloomberg estimates. OPEC President Ali Rodriguez said releasing U.S. crude oil reserves would have a ``temporary'' impact on prices, because refining bottlenecks would continue. Prague Meeting Leaders of the Group of Seven leading industrial nations, meeting in Prague this weekend, are expected to discuss high oil prices and their threat to economic growth in consuming nations. German Chancellor Gerhard Schroeder warned oil producers that the high price of oil could damage world economic growth. ``Tightness of supply in the oil market could damage the booming world economy,'' Schroeder said at a press conference following a meeting with Italian Prime Minister Giuliano Amato in Berlin. ``It could also have a negative effect on oil-producing countries themselves.'' The German and Italian leaders proposed that industrialized nations and OPEC countries set up a new discussion forum, in which Schroeder said ``oil producers would be reminded of their responsibility to the world economy.'' ``We need to initiate a discussion on what is economically sensible,'' Schroeder said, though he admitted the Group of Seven has ``only a limited influence'' on OPEC countries. Rodriguez and the traders are right. Gore and CohibaBoy are wrong. If Gore wins, I'm moving to Bora-Bora.....