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

To: Think4Yourself who wrote (74694)	9/26/2000 3:06:10 PM
From: Big Dog	Respond to of 95453

I sent the list to Matt Simmons as well. Maybe he'll show it to the CIA on Thursday. <g> big

To: Think4Yourself who wrote (74694)	9/26/2000 3:14:22 PM
From: Think4Yourself	Respond to of 95453

Richardson claims can stuff 10 pounds of manure in five pound bag. Richardson Defends Oil Release, Says Refiners Can Process It By Liz Skinner Washington, Sept. 26 (Bloomberg) -- Energy Secretary Bill Richardson defended the president's decision to release oil from U.S. national reserves, saying he's confident refiners can turn the extra crude into heating oil to help homeowners in the Northeast. Richardson, testifying before the Senate Energy Committee, said the 30 million barrels of crude oil the U.S. is releasing from its Strategic Petroleum Reserve could provide enough distillate fuel, including heating oil, to alleviate about a quarter of the national shortfall. About a third of the homes in the East Coast use heating oil, mostly in New England. Some refiners have said they are already processing as much crude oil as they can, with refineries running at about 96 percent capacity. Even with the high refining rates, heating oil inventories are down 35 percent from a year ago. ``We're working closely with refiners,'' Richardson told reporters after the hearing. ``We think that they can refine this new SPR oil.'' The secretary said he'll meet with refiners later this week to discuss production issues. Several Republican senators accused the Clinton administration of releasing the oil to help Vice President Al Gore in his bid for the presidency. Gore called on the president to release oil from the reserve on Thursday and the administration announced the release on Friday. ``The timing of the request from candidate Gore and the announcement by the president cannot be overlooked when one seeks out intentions behind this release,'' said Senate Energy Committee Chairman Frank Murkowski of Alaska. Drop in Bucket Murkowski said the release will not have a significant impact on supply or prices. ``This is a drop in the oil bucket,'' he said. Senator Don Nickles, an Oklahoma Republican, said he thought the administration used the reserve illegally. He said it is supposed to be used in the event of a ``severe energy supply disruption,'' not ``to give a candidate an edge seven weeks before the election.'' Nickles said he was ``almost embarrassed'' for the Clinton administration if it thinks the release is a solution. Most refiners lower their production in October to about 92 percent of capacity because of scheduled maintenance and switching the fuels they produce, said Energy Department Policy Director Melanie Kenderdine. She said in 1996 refiners boosted production during that period and if they do that again they can refine the additional crude from the SPR. The department is expecting most companies to take the oil from the government by early November, although the solicitation only says the oil must be delivered by the end of November, Kenderdine said. Richardson said the administration is ``prepared to take further action, if necessary'' and the president will reassess the situation after about 30 days.

To: Think4Yourself who wrote (74694)	9/26/2000 3:19:18 PM
From: isopatch	Read Replies (1) \| Respond to of 95453

Geez! Wish I'd bot more sm Texas NG driller STXD. WOOOSH !! siliconinvestor.com But come to think of it? I always say that after these darn things go up, lol Isopatch

To: Think4Yourself who wrote (74694)	9/26/2000 3:34:56 PM
From: ItsAllCyclical	Read Replies (5) \| Respond to of 95453

Current list for Common Oil Misconceptions... 1) Oil and natural gas are one in the same. 2) The best way to keep oil cheap and prevent oil price spikes is to prevent oil companies from making a profit. 3) Finding costs for oil and totals costs are the same. Labor and infrastructure are irrelevant. Since the finding cost for domestic oil is only $6-7, long term oil prices will eventually go to $10-12. 4) OPEC's true costs are only $2-4 per barrel. (Despite running the fact that most of the OPEC countries were running huge deficits at $12-15 crude). 5) Whenever we run into tight supply there are ALWAYS missing barrels to be found 6) Creating a heating oil stockpile during a heating oil shortage will solve the shortage problem 7) Finding and bringing new reserves to market takes about 2-4 weeks. 8) Oil markets reflect current data. The data itself is excellent and not subject to scrutiny. 9) Guest "oil analysts" on CNBC study the oil markets before making any statements or predictions 10) The government can bail us out of any energy crisis simply by taping the SPR, SHOR or the SNGR. 11) Oil should not trade like any other commodity on earth. We have a right to cheap oil regardless of the costs. 12) Depletion does not exist. Someone once found that production was declining, but the data must have been faulty and the person was subsequently shot. 13) There is one price for oil. Blends do not exist. Time has no meaning in oil markets. 14) Our "high-tech" economy is no longer dependent on energy. 15) We can control OPEC. 16) Energy prices should always be removed from inflation statistics since energy is not needed by our high-tech economy. 17) The media is not biased when it comes to reporting on energy matters. 18) The future price of oil can best be determined from where it's traded in the recent past. No research is required. 19) There is an infinite supply of oil tankers. 20) All tankers are always full and headed to the US. 21) Storing and transporting oil on tankers for an indefinite amount of time is not only free, but commonly practiced as evidenced by the perpetual "wall of oil" that always exists. 22) Oil prices are the sole factor that determines supply. 23) The best way to encourage a domestic oil supply is to tax them heavily in good years and ignore their pleas when they are on the verge of bankruptcy during bad years. 24) Larry Kudlow will eventually make a correct prediction regarding oil prices. 25) There is a giant "tap" somewhere that is turned up and down on a daily basis to regulate the flow of oil. 26) There is a natural gas pipeline from the Middle East to the US 27) Canada can currently produce all the natural gas we will ever need 28) The power generation trend towards natural gas in no way requires more natural gas. It only requires new turbines. 29) Gasoline prices in the U.S. are "too high". After all gasoline tastes terrible. Therefore it should be cheaper than milk, water and coca cola. 30) In the energy markets, supply and demand are unrelated. Prices are determined solely by OPEC. 31) Even though OPEC production comprises less than half the world's production, any shortages are solely OPEC's problem and they alone should get blamed. 32) Increasing oil production automatically translates into extra heating oil, natural gas and unleaded gas since there is only one type of crude and products don't exist. 33) Refineries can always process additional crude. Utilization, maintenance and repair exist only in other countries. 34) Our troops are in Saudi Arabia to protect their interests. 35) The current oil shortage has nothing to do with the US/Great Britain's enforcement of sanctions against Iraq. 36) Al Gore invented both the internet and the SPR. 37) If oil goes to $40.00+ gold prices will fall further. As long as gold prices remain stable there is no inflation. 38) OPEC countries do not consume oil. Every drop of oil is always exported to drive down prices for more deserving western countries. 39) Government intervention is always the best method of dealing with high energy costs. Market forces should be dealt with only in theory and scientific papers. 40) The US oil companies have kept heating oil expensive by devoting too few rigs to finding it (source: US congressman). 41) Since technology is always improving oil is becoming increasingly easy and inexpensive to find. 42) There are plenty of big oil fields yet to be discovered. 43) High energy taxes have helped Europe become less dependent upon OPEC. 44) Oil executives are good at hedging since they deal with oil on a daily basis. 45) There are no other misconceptions about the oil business Seems like most of the suggestions have been brought forth. I may do one more list tomorrow if I get a few more good ones. I included a few more of my own in addition to the suggestions I got. I reworded a few or changed my original list to incorporate some of the new ideas mentioned. Hope no one minds my editoral liberties.