To: ColtonGang who wrote (51764 ) 10/24/2000 10:47:25 PM From: Selectric II Respond to of 769667 Saturday, October 21, 2000 Gore Proposal To Release Oil Reserve Proves To Be Boon For ‘Big Oil’ Austin - According to a new study, Al Gore’s proposal to release 30 million barrels of oil from the nation’s Strategic Petroleum Reserve has benefited the ‘big oil’ companies that Al Gore has pledged to fight against more than it has consumers. Britain’s Oxford Institute for Energy Studies found that the winning bidders for the reserve’s oil could make more than $90 million on the transaction. “Al Gore’s proposal to release oil from our nation’s strategic reserves has been a windfall for the same ‘big oil’ companies he says he will fight,” said Bush spokesman Dan Bartlett. “The fact that Al Gore says he’s going to ‘fight big oil’ while he gives them millions of dollars in new income underscores why he has a problem with credibility.” New Study Shows that Gore Proposal Benefited ‘Big Oil’ “A new study by Britain's Oxford Institute for Energy Studies, which is affiliated with Oxford University, concludes that the winning bidders for the reserve's 30 million barrels of oil -- including divisions of BP Amoco, Marathon Ashland, Shell and Texaco -- together could make more than $90 million on the transaction. “Market analysts could not confirm the exact figure, but they agreed with the study's general conclusion. “‘It was a sweetheart deal, no doubt about it,’ said Phil Flynn, senior markets analyst at Alaron Trading Corp., a Chicago-based futures brokerage. “The government gave the oil to the companies under terms that let them lock in a profit of about $3 a barrel, the study concluded. “‘They've accepted deals that are rather poor deals from the government's point of view,’ the author of the study, Oxford University economist Paul Horsnell, said Friday in a telephone interview. “A spokesman for Gore did not return calls seeking comment.” --“Tapping U.S. reserve boon to ‘Big Oil’” by Ken Moritsugu, Knight-Ridder News Service, 10/21/00