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To: The Ox who wrote (8936)	5/6/2004 6:04:53 PM
From: The Ox	Read Replies (1) \| Respond to of 13403

OT This is just a general commentary but I believe this has a lot to do with the market's difficulties lately. Oil prices are near 13-year highs following an attack on a petrochemical plant in Saudi Arabia over the weekend. The act follows a foiled suicide attack on an important oil terminal in Basra, Iraq last week. These events are raising concern that violence in the Middle East is now targeted at oil assets or installations. If so, the attacks may eventually disrupt oil supplies from the Middle East. Meanwhile, demand for oil has been strong and is expected to remain high as the US enters its busy summer driving season. Due to the high demand amid possible falling demand, oil prices have been rising and US light crude rose above $39.00 a barrel on Tuesday, its highest levels since prior to the first Gulf War in 1990. If crude stays near $40.00 a barrel, the high price may begin to have a negative economic impact because higher energy prices can slow down consumer spending and drive down corporate profitability. Therefore, a surge in crude oil prices is generally considered a negative for many sectors of the market, but companies involved in the exploration, production, and refining of oil often do well. biz.yahoo.com