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To: dli who wrote (7479)	11/19/2000 10:39:06 AM
From: Poet	Respond to of 10876

US Energy Secretary Bill Richardson,on the oil situation: Richardson: Firm Oil Prices Needed By ANWAR FARUQI Associated Press Writer RIYADH, Saudi Arabia (AP) -- U.S. Energy Secretary Bill Richardson said Saturday that oil-producing countries should consider boosting output to moderate prices, but Iran's oil minister suggested that Washington's sanctions against some exporters were to blame for market instability. World economies need stable oil prices of between $20 and $25 a barrel, Richardson told reporters at the seventh International Energy Forum in the Saudi capital, Riyadh. He said current prices of more than $30 a barrel -- heights unseen in a decade -- were ``excessively high.'' He acknowledged that demand has been high, but he said: ``There is a supply problem. Crude stocks are much too low.'' Richardson said he hopes the Organization of Petroleum Exporting Countries will not decide to cut production at their January meeting, saying ``our position is that OPEC countries consider an increase in production.'' But in a clear reference to U.S. economic sanctions against his country, Iranian Oil Minister Bijan Namdar Zangeneh said ``unilateral economic restrictions'' were to blame for market instability and high prices. ``Political pressure on oil-producing countries has led to the imbalance and inconsistency of investments in energy supply systems, to the effect that we now witness imbalance and unstable price of oil in recent months,'' Zangeneh said. Iran has said that all OPEC nations, except Saudi Arabia, are producing as much oil as they can, and that new supplies are not possible without investment and technologies that are banned by U.S. sanctions on Iran, Iraq and Libya, which possess large petroleum reserves. ``I do not agree that sanctions are to blame for the oil shortages,'' Richardson later said in an interview with The Associated Press. ``It's a supply problem.'' Richardson said he believed the Democrats would pursue the same policy toward Iran if Al Gore became the next U.S. president. He said he could not comment on U.S. policy toward Iran if George W. Bush were to become the next president of the United States. High oil prices have sparked protests in consumer countries, most notably in Europe. Producers argue that fuel taxes, which can account for 60 percent or 70 percent of the price of a gallon of gas in some consumer nations, should be cut. ``Prices have to be more stable and more reasonable,'' Loyola Depalacio, vice president for transport and energy at the European Commission, told reporters. She said, however, that the European Union was not ready to release oil from its strategic reserves and would not ask OPEC to increase production in January. Because of fears within OPEC that prices will bottom out in the spring, when demand for heating oil falls, industry analysts, OPEC Secretary-General Rilwanu Lukman and oil ministers from Iran and the United Arab Emirates have said the cartel may end up cutting production next year. Richardson said the United States is still assessing whether to release more crude oil from its strategic reserves following a release of 30 million barrels in September. In a report to the conference, the International Energy Agency said significant investment in OPEC countries will be needed to ensure oil production can meet future demands. The report said demand is expected to grow from 75 million barrels a day in 1997 to 115 million barrels per day in 2020. The International Energy Forum, which continues through Sunday, is being attended by OPEC oil ministers, European Union officials, and representatives from nearly 50 countries, the World Bank and other international institutions. biz.yahoo.com

To: dli who wrote (7479)	11/19/2000 5:35:50 PM
From: X Y Zebra	Read Replies (2) \| Respond to of 10876

However, I believe that the SF would definitely be a beneficiary of any political or financial crisis that brings down the Dollar while also affecting the Eurozone. Agreed, I like the fact that the Swiss are NOT part of the Eurozone. I would like to see the Swiss bankers take a stronger stand against any bulling from any nation. This would add to the strength of their currency as they would be seen as a bastion of strength and independence. GRUUUUUUUBBBBBBBBBBBBBB tscht, tscht... where is that JXM ?