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To: Victor Lazlo who wrote (112109)	11/24/2000 10:29:09 PM
From: Sarmad Y. Hermiz	Read Replies (1) \| Respond to of 164684

>> Where do you get those figures from? As a % of the avg American's energy budget, Iraq oil is likely a no-show. The US imports approx 9 million barrels of crude oil per day. It doesn't matter where the oil originates. Unless it is contracted in advance, spot prices are the same everywhere. It doesn't matter if the US gets its oil from canada or brunei. Why do you think gasoline prices rose from $0.80/gal 2 years ago to $1.60 now. Canada does not give away its oil below the world price. If oil rises by $10/brl, that is approx $90 million per day EXTRA (just for imported oil into the US). And that is $30 billion per year that will go to foreign countries. >> Iraq oil output has an impact on crude futures for a couple of days, other than that, nada. That may be so. We'll see in a month.

To: Victor Lazlo who wrote (112109)	11/25/2000 2:34:20 PM
From: GST	Read Replies (2) \| Respond to of 164684

Victor: "So many people switched to nat gas heat in the 1970s and 1980s that oil heat consumption has been greatly reduced." Come on Victor, changes in crude affect all energy prices -- have you noticed the price of natural gas? Why do you think it is so high? There is no way around it, a drop in oil from Iraq will only pour salt on the energy wound -- it is going to hurt if it happens. There are energy shortages mounting an there is no real relief in sight even if we still have Iragi crude on the world market -- the only market that matters in setting prices. I m always amazed when I see people in the US speak and act like there is the US and then there is the rest of the world. Come on Victor.