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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: quehubo who wrote (133096)	5/15/2004 12:52:11 AM
From: Hawkmoon	Read Replies (1) \| Respond to of 281500

Okay Iraq today exporting with few interruptions at maximum capacity and oil is $41. Iraq without stability and oil is worth? I'm not sure that the current oil price is not merely a Technical upsurge that reflects actual tensions or oil supplies. The NYMEX oil index surge above a triple top dating from 1999 and is trying to form the upper end of a price channel: futures.tradingcharts.com But one can only imagine that oil producers are selling forward their oil production in the midst of the speculative blow-off, which will eventually leave many buyers holding oil that is worth less than they paid for it. Also, take into account that the USD is worth less, but potentially looking to breakout of its downward channel for a rally, we could see oil prices slump within a month or two. futures.tradingcharts.com And unleaded gas has gone parabolic, suggesting a dramatic pullback in the near future: futures.tradingcharts.com The Chinese are also indicating they are going to forcibly slow their economy which should ease inflationary pressures in commodities as well.. We'll see what happens... I can say that maybe Bush could possibly stop open market purchases of oil that they have been using to refill the SPR. fe.doe.gov In a separate action scheduled to begin in April, the Energy Department also plans to begin receiving approximately 15,000 barrels per day of crude directly from producers off the Texas coast that ship through the Hoover Offshore Pipeline System. The Department of Interior's Minerals Management Service (MMS) will instruct producers to deliver this oil directly to the Bryan Mound site near Freeport, TX, for eight months, at which point the site will reach its authorized storage capacity. The combined shipments will boost the Strategic Petroleum Reserve's fill rate to approximately 131,000 barrels per day – the fastest since President Bush announced plans in November 2001 to fill the Reserve to its full 700-million barrel capacity using the "Royalty in Kind" program..... .....The Strategic Reserve currently has 599 million barrels stored in its underground salt caverns along the Texas and Louisiana Gulf Coast. Hawk

To: quehubo who wrote (133096)	5/15/2004 7:33:59 PM
From: cnyndwllr	Read Replies (1) \| Respond to of 281500

Okay Iraq today exporting with few interruptions at maximum capacity and oil is $41. Iraq without stability and oil is worth? Lets say $60 and economies start feeling the pinch. What will the Iraqi people use to buy food, run electricity and pay for everyday life if that country fails to capitalize on its oil reserves by production and sales? How long would it take the Iraqis to recognize that no oil production means no revenues? If left to their own means do you think they'd continue to tolerate continued disruptions of their means of survival?