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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: SilentZ who wrote (188884)	5/19/2004 8:18:16 PM
From: tejek	Read Replies (1) \| Respond to of 1575840

John, I'll tell ya.....this oil situation is very bad. Crude is staying over $40 per barrel. OPEC is claiming they will increase production but most oil experts claim that OPEC has maxed out their production and never cut it when they claimed they were cutting it last fall. For what it's worth... I was listening to an interesting story the other day on NPR claiming that the oil supply situation really isn't that bad right now, and that professional speculators are just working to bid up the price. Wonder if there's any truth to that? I don't know. The Saudis claim there is enough oil; that the US doesn't have enough refineries.......that we haven't built any refineries for 20 years so its our problem. It seems to me that if that were true, the global price of crude would not be higher.......just the price we pay in this country. Then there's the argument that from an inflationary perspective, $40 per barrel is not bad at all. Having said all that, I still think that the current price of crude will lead to inflationary pressures and could derail the economy. It has me concerned enough that I will probably sell most of my stocks and move to the side until the picture is clearer. ted