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To: reaper who wrote (240835)	5/15/2003 1:02:40 PM
From: yard_man	Respond to of 436258

yeah -- we just disagree on that -- intermediate term oil prices have been artificially low, IMO -- and natural gas -- ho ho ho. Enjoy, it's not about marginal price of pulling it out of the ground -- it's about supply perceptions vs reality and real shifts in the geopolitical climate -- why do you think we went to Iraq anyway? WMD?? fiscal stimulus program??

To: reaper who wrote (240835)	5/15/2003 1:32:43 PM
From: Perspective	Respond to of 436258

Here's a chart explaining what I see occuring: ttrader.com Absent money supply changes, those with the least capital intensity get the greatest benefit in pricing power in a debt-heavy, excess capacity environment. Mix in a Fed trying to counteract the natural deflation, and the average price level may rise, but the relative pricing power effects remain. BC