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


To: jim_p who wrote (75105)9/29/2000 2:00:13 PM
From: isopatch  Read Replies (2) | Respond to of 95453
 
JimP. Nice call yesterday for todays strength in the patch stocks.

XOI, XNG and OSX all very strong.

Isopatch



To: jim_p who wrote (75105)9/29/2000 2:37:22 PM
From: Jon Cave  Respond to of 95453
 
B: Bush's Energy Policy Will Drill into Fragile Wildlife Ref

Is there any truth to this press release?

B: Bush's Energy Policy Will Drill into Fragile Wildlife Refuge, Says Gore
Campaign

NASHVILLE, Tenn., Sept. 29 /U.S. Newswire/ -- The following was released today
by Gore/Lieberman 2000:

Bush's Energy Policy: Drill into Fragile Wildlife Refuge; Essentially Calls for
Weakening of Clean Air and Water Act

Making clear that he is on the side of big oil, George W. Bush today announced
his so-called "energy plan" for America: he would allow his friends in the big
oil business to drill into the fragile Arctic National Wildlife Refuge, and
essentially weaken clean air and water rules for oil refineries. Bush also
quietly announced a number of energy initiatives that are lighter versions of
those announced by Al Gore months ago.

"It's no surprise that Bush's energy policy is to open one of our great
wilderness areas to drilling by his supporters in the oil industry," said
Gore/Lieberman national spokesman Douglas Hattaway. "He has always put Big Oil
before the environment and people's health. This is just another Bush proposal
that promotes the interests of special interests, rather than the American
people."

Below follows the Gore rebuttal to today's Bush address. It reviews

1. Bush's decision to open up the fragile Arctic refuge.

2. Bush's call for weakening clean air and water standards for oil refineries.

3. Bush's endorsement, but under investment, of many of Gore's energy
initiatives.

George Bush's Big Oil Profiteering Plan:

George Bush will unveil an energy plan today that is of Big Oil, by Big Oil, and
for Big Oil. His plan will allow his friends in the Big Oil business to increase
their profits while damage is done to the environment of one of America's last
wilderness treasures, the Arctic National Wildlife Refuge in Alaska. His plan to
allow drilling in America's fragile wilderness would take 7 to 12 years before
it could even begin and when it did begin there would only be enough oil for six
months of consumption. In the meantime, the Arctic National Wildlife Refuge,
with one of the last undisturbed ecosystems on earth, would face environmental
ruin. In addition, Bush will propose initiatives copied right out of Al Gore's
energy playbook, including increasing refining capacity. George Bush and Dick
Cheney, both former oil executives, have made their priorities towards the
environment crystal clear by allowing only $7.1 billion in their budget to
invest in the environment. Al Gore and Joe Lieberman will invest $171 billion
for an Environment and Energy Security Trust Fund and a long-term energy plan
that reduces America's dependence on foreign oil.

Bush's Plan To Let Big Oil Pollute America's Pristine Wilderness

Drilling in Arctic National Wildlife Refuge Would Take 7 to 12 Years To Start

George Bush's plan to let his Big Oil friends drill in the fragile Arctic
National Wildlife Refuge in order to secure bigger profits would take years,
maybe even a decade before the oil could reach the market, according to federal
energy analysts. The Houston Chronicle recently reported that, "Even if
supporters of the plan can overcome environmentalists' vehement opposition to
drilling in a region where caribou come to calve, it won't be a quick fix. The
federal government's energy analysts predict that it could take a decade or more
after any approval to drill before the oil could reach the market. And crude
prices would have to remain strong for the effort to be profitable. ... (Bush's)
call for tapping the Alaskan refuge is surely hitting a chord with the oil
industry." (Houston Chronicle, 7/5/00)

-- Would Take Between 7 and 12 Years to Obtain Drilling Leases. According to the
non-partisan Energy Information Administration at the Department of Energy,
"Even with nearby production infrastructure, 7 to 12 years would be needed for
lease sales, permitting and environmental reviews after approval for leasing."
(Energy Information Administration, "Potential Oil Production from the Coastal
Plain of the Arctic National Wildlife Refuge: Updated Assessment," 5/00)

-- It Would Take 15 Years to Get Oil Production Up to 1 Million Barrels per Day.
According to the Energy Information Administration, it would take 15 year from
approval for oil production to reach 1 million barrels per day. (EIA, 5/00)

-- A Small Increase in Fuel Efficient Cars Would Save 1 Million Barrels per Day.
If cars increase their average fuel efficiency by just 3 miles per gallon, this
will save 1 million barrels of oil per day - as much as could be tapped from the
Arctic Refuge. (Office of Policy, Department of Energy, 9/27/00)

-- Only Contains Six Months of Economically Recoverable Oil. There are only 3.2
billion barrels of economically recoverable oil in the Arctic Refuge, if oil is
$20 a barrel. If oil is $18 a barrel, then there are only 2.4 billion barrels.
This is less than half of the 8.2 billion barrels that the Energy Information
Administration projects will be consumed in 2010. (Testimony of Dr. Thomas J.
Casadevall, Acting Director, U.S. Geological Survey, Senate Energy Committee,
7/23/98; Testimony of David Hayes, Deputy Secretary of Interior, Senate Energy
Committtee, 4/5/00; and Energy Information Administration, World Energy Outlook
2000)

Bush's Artic National Wildlife Refuge Plan Would Damage The Environment

The Arctic National Wildlife Refuge encompasses 19 million acres of land in
Alaska and is home to some of America's most pristine wilderness and one of the
most undisturbed ecosystems on earth. The coastal plain, where drilling would
occur, is where the 129,000-head Porcupine Caribou Herd calves in the summer.
The coastal plain is also home to polar bears, grizzlies and black bears, as
well as dall sheep, wolves and moose. Hundreds of thousands of snow geese gather
there in August and September, and 150 pairs of tundra swans nest near the
coast. (Houston Chronicle, 7/5/00)

Statements About "Only 7 Percent" of the Arctic Refuge Ignore Pipelines, Roads,
and Other Facilities

Industry statements about only opening up 7 percent of the Arctic Refuge to
drilling are very misleading. The oil in the Arctic Refuge is spread out at
different sites. Connecting these sites with roads, pipelines, and other
infrastructure support would use much more than 7 percent of the Arctic Refuge -
and affect environmental patterns for the entire Refuge. (Energy Information
Administration, 5/00)

Some Republicans Opposes Bush's Plan to Drill in America's Pristine Wilderness

Republican Senator's William Roth of Delaware and Bob Smith of New Hampshire
oppose drilling for oil in America's pristine Arctic National Wildlife Refuge.
And four of the ten members of the Senate Republican Energy Task Force, created
in March of this year to respond to rising petroleum prices, oppose opening up
the Arctic National Wildlife Refuge to drilling by Big Oil companies. "I support
most everything in the package except for the Arctic National Wildlife Refuge
provision," Senator Smith said of Republican legislation that would allow
drilling in Arctic National Wildlife Refuge. "I think ANWR could kill the
package. A six-month supply of oil is not worth eliminating a pristine
wilderness." (Congressional Quarterly, 4/26/00; Houston Chronicle, 7/5/00)

Refining Capacity Has Increased Under Current Administration; George W. Bush's
Only Plan For Further Increased Capacity Is Greater Pollution

After declining under the Reagan-Bush-Quayle Administrations, Refining Capacity
Is Now Increasing

Refining capacity declined from 18.62 million barrels per day in 1981 to 15.12
million barrels per day in 1993 - a 19 percent decline. Since then, refining
capacity has increased to 16.26 million barrels per day in 1999 - an 8 percent
increase. (Energy Information Administration, Annual Energy Review 1999)

According to the International Energy Agency, There Is Spare Refining Capacity
For Additional Oil Production

There is spare capacity to refine additional crude oil, both in American
refineries and also in East Asian refineries, which are currently running well
below capacity. According to the International Energy Agency's latest Monthly
Oil Market Report, "Fortunately, crude oil production and refining capacity is
available around the world." (IEA, 9/11/00)

The "Regulations" that George W. Bush Attacks Are Rules To Keep Our Air Clean
and Our Water Safe

George W. Bush blames the lack of refining capacity on regulations. First, this
ignores the fact that refining capacity has increased since 1993, after
decreasing in the previous years. Second, these regulations are primarily under
the Clean Air and Clean Water Acts, including the legislation signed by the
Bush-Quayle Administration. These are rules that are designed to prevent oil
byproducts from spilling into our rivers and oil refineries from polluting our
air. (Energy Information Administration, Annual Energy Review 1999)

The Main Rules About Zoning and Permits for Refineries are At the State Levels

States make decisions about where refineries can locate and provide permits for
their location. Al Gore and Joe Lieberman believe that states should be able to
decide that a refinery cannot open up next to a school. In attacking regulation,
would George W. Bush want to override state rules and allow refineries to locate
wherever the want?

Bush's Energy Initiatives Are A Lighter Version Of Gore's Own Initiatives

Bush Has Copied Gore's Weatherization Proposal

Bush's proposal calls for $1.4 billion over 10 years for weatherization.
However, Al Gore has already proposed $1.5 billion. The Republican Congress
slashed funding on the weatherization program from $215 million in 1995 to $112
million in 1996. (www.algore.com; FY 1996 Budget)

Al Gore Has Proposed Twice As Much Funding for LIHEAP

Bush's proposal calls for $155 million for LIHEAP. However, Al Gore proposed a
$400 million release for LIHEAP just last week.

Bush Proposes $65 Billion Less Than Gore for Clean Technologies

Bush's plan calls for $2 billion in clean coal technologies. The centerpiece of
Al Gore's Environment and Energy Security Trust Fund, announced on June, 27 of
this year, is a $67 billion "Technologies for Tomorrow's Challenge" program.
Gore's program would fund a variety of projects to develop the technologies that
reduce climate and health threatening pollution, including substantial
investments in clean coal. (www.algore.com)

Gore's Plan Gives $44 Million More in Incentives for Renewable Alternative Fuels

Bush's plan proposes $1.4 billion for tax credits for electricity produced
renewable alternative fuels. Gore has $45.1 billion of tax credits for energy
efficiency, including $11.3 billion for tax credits to encourage alternative
sources of power ($1.1 billion tax credit for solar energy, $5 billion tax
credit for green power in competition states, $1 billion for accelerated
depreciation of distributed power), and $4.2 billion to extend and expand the
tax credit for renewable energy. (www.algore.com)

KEYWORDS:

POLITICAL OIL/ENERGY



To: jim_p who wrote (75105)9/29/2000 3:48:31 PM
From: Tommaso  Read Replies (1) | Respond to of 95453
 
Is this stock sale good, bad, or indifferent for the price of TMR stock?