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To: Bill Harmond who wrote (146132)	8/25/2002 7:01:45 PM
From: Glenn D. Rudolph	Read Replies (1) \| Respond to of 164685

"Bluntly put, the world will need Iraq's oil as the solution to a looming energy shortage. Iraq has the second-largest oil reserves in the world--after Saudi Arabia-- and many experts put its potential as equal to that of the Saudi kingdom. Yet because of a decade of sanctions and rules, OPEC member Iraq is producing far below its capacity and even below its 2-million-barrels-a-day production rate of recent years. That's why oil prices are unusually high, even without the "war premium" of $4 to $5 a barrel that nervous markets added on last week. These current high prices haven't yet shown up at gasoline pumps in the United States, but they will over the next six weeks, analysts say." I do not totally agree with this statement. The new technologies helping bring on additional oil production in other areas of the world is way offsetting that loss from Iraq. In fact, Iraq's reserves are not really important when put in perspective to the world's known entire reserves.