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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: elmatador who wrote (33189)	5/7/2003 3:48:35 AM
From: Raymond Duray	Respond to of 74559

elmat, I haven't seen the news on Russia denominating bbl and BOE in Euros. But I cannot imagine that Putin's minions aren't working on this today. Russia currently produces a surplus to the world market, but at a high production cost. They have the capability to lift about 7 MM bpd. With Iraq's potential something like the same with a $50 B infusion of U.S techno-savvy, the world could be awash in cheap oil. Lifting costs in Russia average over $10/bbl. In Iraq, about $1.50/bbl. George Bush has certainly collected the most impressive prize of any imperialist in the last 80 years. If he can hold on to it. The only way he can is at the barrel end of a gun. Bush may be surprised by what comes of his romp in the heart of the most disordered and disobedient place on the planet.