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To: Haim R. Branisteanu who wrote (125270)	9/24/2001 5:45:03 PM
From: James F. Hopkins	Respond to of 436258

Haim; Re > Crude oil held up even that natural gas was tanking since July from around $4 to $2.1 in the week of Sept. 11. Same with coal. On a BTU basis oil was 50% overpriced even before Sept. 11. I also belive that $33 crude oil last year was orchestrated as was the blackouts in CA.<< Sure it was and nothing will be hardly said about it , well they are letting it drop now.. I think they know if they don't every thing will stall and they will lose support for this new war almost as fast as they got it. High Crude hit's us in a lot of ways besides energy, Chemicals , Plastics, Asphalt I knew when it first hit 30 we wouldn't be able to keep growing , now if they will keep it down for a while the market may have a chance of making a come back. The price of NG and Crude is permeated in all we make and do, a change in it has longer term effects that a change in the interest rates. ( When I was cargo super on a Tanker some years back I could see that the cost of our own Bunker was more than the cost of our Labor ) So all the noise about how labor cost being the primary thing that hurts profits was just noise. But more than taht was the cost of the Loan on the Vessel, not so much because of high interest rates but because they borrowed twice as much on the Vessel than it was worth. The bankers most have owned the ship otherwise they could never have borrowed so much. Jim