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Politics : Al Gore vs George Bush: the moderate's perspective -- Ignore unavailable to you. Want to Upgrade?


To: American Spirit who wrote (1647)10/8/2000 7:57:57 PM
From: Hawkmoon  Read Replies (1) | Respond to of 10042
 
The Truth About 'Big Oil'

washingtonpost.com

By J. Robinson West
Saturday, October 7, 2000; Page A23

"Big Oil," the international oil and gas industry, makes a convenient scapegoat for politicians and the media. But like the rest of us, the oil and gas companies have been buffeted by the market. In 1998 and 1999, the companies suffered from catastrophically low prices, just as they benefit from high prices today. As price takers, rather than price makers, they do not have the power to set oil prices.

Oil companies have been under intense pressure. The volatility of the market, from boom to bust, makes managing such a capital-intensive business very complex. The "upstream" business--oil exploration and production--can be profitable, but the need to find new oil is relentless, and the process is risky and expensive. The "downstream" business--the refineries and service stations customers see--requires massive investment and is commodity-based and cyclical. This makes it a difficult and often unprofitable sector, where average profit margins are razor thin.

From 1997 to 1999, oil company upstream operations had average margins of 12 percent, while those downstream generated a mere 3 percent. From 1998 through the first half of 2000, oil industry margins averaged less than 4 percent. This is in stark contrast to other sectors--such as banking at 15 percent, or publishing and broadcasting at 12 percent over the same period.

When some large U.S. companies such as Mobil, Amoco and Arco could no longer compete effectively, stronger companies absorbed them. Today, Exxon-Mobil is the only remaining U.S. company among the top four; the others are Shell, BP and Total. The old Seven Sisters, the historical international "majors," included five U.S. companies.

The structure of the upstream oil industry was forged during the 1960s and '70s, when key producing governments such as Venezuela, Kuwait, Iraq, Iran and Saudi Arabia nationalized the oil reserves of the international companies. Governments now own about 90 percent of the world's oil reserves and produce about 70 percent of its oil. All the international oil companies combined (including Exxon-Mobil, Shell, BP and others), control only about 10 percent of reserves. The Persian Gulf, where most reserves are located, generally is not open to investment.

Many of the companies' key oil fields were discovered during the 1950s, '60s and '70s. By the mid-'80s, the international companies faced a crucial problem: These fields were depleted or getting old, and therefore more expensive to work with, and the industry was not permitted to replace dwindling reserves in low-cost regions with a lot of oil, notably the Mideast. Simultaneously, the oil prices were collapsing and companies' profitability with them.

The international oil companies and the service companies that gather information and manage projects for them responded by aggressively applying new technologies in such areas as information processing and deep-water engineering. Technical breakthroughs brought exploration and production costs down as much as 50 percent, while successfully identifying new reserves in existing oil-producing areas, and opening new ones, primarily in deep water. The effects of this new technology benefited not only the companies but the market as well. New, efficiently produced oil was brought on to reduce our dependence on OPEC production and drive prices down.

Some upstream assets can generate large profits, but they require risky, massive and constant reinvestment because they become depleted. Also, the larger the producing asset, the more difficult it is to replace, given the low probability of finding new giant fields.

The industry needs to replace well more than half the world's current oil and gas supplies in the next 10 years to meet demand growth and continuing depletion.

The international oil companies and the service companies that support them play an important part in a strategic industry. They are crucial in balancing the oil-producing countries, which hold the real power. Oil companies cannot set oil prices, but with their skills, technology and capital, they will be pivotal in replacing and expanding the energy supplies to fuel our economy during the next decade and beyond.

The writer, a former assistant secretary of the interior, is chairman of the Petroleum Finance Co., which advises international oil companies and service companies, as well as governments.

© 2000 The Washington Post Company



To: American Spirit who wrote (1647)10/8/2000 8:10:34 PM
From: Hawkmoon  Read Replies (1) | Respond to of 10042
 
Tim Russert: "First, your fundraiser Maria Hsia is convicted on
five counts of campaign-finance violations. Then, the Los Angeles
Times reported that former Justice Department investigator Charles
LaBella said Janet Reno's Justice Department used a double
standard in failing to appoint an independent counsel to
investigate you. Now, a new congressional inquiry has exposed that
all your incoming and outgoing e-mail was hidden from subpoenas.

Isn't this a devastating array of ethical blows?"

Al Gore: "Not if Tom Brokaw keeps failing to report on any of it."



To: American Spirit who wrote (1647)10/8/2000 8:12:11 PM
From: Hawkmoon  Read Replies (3) | Respond to of 10042
 
Uh-Oh. Time for Another Gore “Tribal Council”. “Al Gore’s new populist demagogue version hadn’t been on the shelves a week before another campaign mishap forced him off-message for a day. Within hours of Gore’s attacks on ‘Big Drug Companies,’ Gore was caught flat-footed by the revelation that one of his very own senior advisers, Carter Eskew - whose past clients include (gasp!) tobacco companies - had pitched a proposed television advertising campaign to ...BIG DRUG COMPANIES. So the guy who’s now advising Gore on how to beat up on pharmaceutical manufacturers is the same guy who, just a year ago, was trying to land lucrative business with ... the pharmaceutical manufacturers. Can you say ‘hypocrisy’?”



To: American Spirit who wrote (1647)10/8/2000 8:16:28 PM
From: Hawkmoon  Read Replies (2) | Respond to of 10042
 
Gore's dubious school record

By Jennifer C. Braceras, 9/7/2000

When will the liberal media stop treating left-wing ideology as a proxy for intelligence? For months the press has questioned the intellect of Republican candidate George W. Bush, while describing Al Gore as ''serious,'' ''intellectual'' - even ''wonkish.'' The basis for the media's unfair attacks on Bush's intelligence is his 30-year-old Yale College transcript (purloined last fall and published by The New Yorker). Yet The Washington Post's subsequent revelation of Gore's unimpressive academic record has done little to alter the media's false portrayal of Gore as ''the smartest kid in the class.''

It is a record that is worth reviewing, if only to debunk the myth of Gore as a serious student. Gore's undergraduate transcript from Harvard is riddled with C's, including a C-minus in introductory economics, a D in one science course, and a C-plus in another. ''In his sophomore year at Harvard,'' the Post reported, ''Gore's grades were lower than any semester recorded on Bush's transcript from Yale.'' Moreover, Gore's graduate school record - consistently glossed over by the press - is nothing short of shameful. In 1971, Gore enrolled in Vanderbilt Divinity School where, according to Bill Turque, author of ''Inventing Al Gore,'' he received F's in five of the eight classes he took over the course of three semesters. Not surprisingly, Gore did not receive a degree from the divinity school.

Nor did Gore graduate from Vanderbilt Law School, where he enrolled for a brief time and received his fair share of C's. (Bush went on to earn an MBA from Harvard). But whereas the liberal press has described Bush's college days as a time of misspent youth, media accounts of Gore's undergraduate years are grossly fawning. (The New York Times: ''As Mr. Bush was frolicking around Yale, a young man named Al Gore was studying at Harvard''; ''Harvard nurtured the part of [Gore] that is in love with the world of ideas.'' The New Republic: ''At Harvard, Gore set himself formidable intellectual challenges.'') And then there is the laughable October issue of Psychology Today. As part of a cover story entitled, ''Gore and Bush on the Couch,'' the magazine reports the results of a spurious ''analysis'' of 10 of the candidates speeches and/or interviews. The authors claim that the study ''verifies'' the popular stereotype that ''Bush is not as deep a thinker as Gore.''

Two pages later, readers will be shocked - shocked! - to learn that the magazine's (no doubt scientific) study of the candidates' facial gestures reveals that Gore is the ''more serious, constrained, controlled, weighty, ponderous, [and] dominant of the two candidates.'' More ponderous, perhaps ... but, please, spare me the pop psychology. Biased reporters, however, are not the only ones to blame. Indeed, the vice president himself has cultivated this genius persona (one of many). Thus, he did not correct PBS News anchor Gwen Ifill when she referred to him as a graduate of Vanderbilt Law School. Even more significant was the line in Gore's convention acceptance speech in which he stated, ''I know my own imperfections. I know that sometimes people say I'm too serious, that I talk too much substance and policy.'' Poor Al, he's just too smart for the job. Of course, the stereotyping of conservative candidates as dumb and liberal candidates as ''brilliant'' is nothing new. During the 1950s, the media lionized Democrat Adlai Stevenson as an intellectual, while ridiculing Republican Dwight Eisenhower as an ineffectual simpleton. Back then, the members of the press knew full well that Stevenson attended Harvard Law School and, yet, had not received a degree. But the media gave Stevenson a pass. (Sound familiar?) Had resourceful journalists investigated, they might have learned (as we now know from Stevenson's biographer John Bartlow Martin) that Harvard Law School Dean Erwin Griswold had hidden Stevenson's transcript in a locked cabinet in his office. What was he hiding? Stevenson, the so-called ''thinking man's candidate,'' had, in fact, flunked out of Harvard Law.

In the end, neither intellect nor academic performance is an especially important criterion by which to judge our presidents. Ronald Reagan and Harry Truman were no scholars, but they rank among the best presidents in our country's history. And what about many liberals' favorite president - Franklin Roosevelt? Social, popular, and famously unserious as an undergraduate at Harvard, FDR had an undistinguished academic record. Yet, later in life, Roosevelt's charisma and his ability to persuade, compromise, and lead helped him to become a ''reformer with results.''

This election is not an I.Q. test; it is about which candidate has better judgment. And that is why, despite the media's love affair with the celluloid image of Al Gore the policy-wonk, it is the affable, authentic, and sensible Bush who would make the better leader.

Jennifer C. Braceras is an attorney and research fellow at Harvard Law School. Her column appears regularly in the Globe.
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I hope this is enough evidence for you Spirit not to come out here a disparage Bush without being up to date on your own candidate.....

Given Gore's seeming record for non-completion, it's a wonder he had any children at all.

I, and others, can go on all day and night providing you documentation and credible articles about the duplicity and exaggerations of Al Gore.