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To: Mark Fowler who wrote (120691)	3/17/2001 5:47:15 PM
From: Glenn D. Rudolph	Read Replies (2) \| Respond to of 164684

Opec cutting 1mil. per day a barrel of oil, they want to keep above $ 25 @, i notice a close correlation with Opec cutting supply of oil and our markets. Mark, I believe GST was very accurate when he stated the high cost of energy would really slow the economy. It slowed the entire world economy and I believe the OPEC members made an error here. The decrease in demand for oil is due to the slow down in the world economy. Much of the slow down in the world economy is due to the high price of oil. It is clearly the member's oil but it seems having oil a little lower price woul improve the world ecomony and that improves the demand for oil. There is an elasticity issue here that I am not sure where the optimum cut off may be but oil above $25 per barrel is not working out well.