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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: Amy J who wrote (65782)	7/7/2004 7:22:41 AM
From: RetiredNow	Read Replies (1) \| Respond to of 77400

If only. That is the biggest error this administration made. They could have taken the political capital from 9/11 and created a new Manhattan project to move this economy from an oil based on to something different. So much for lost opportunities.

To: Amy J who wrote (65782)	7/7/2004 8:40:41 AM
From: GVTucker	Respond to of 77400

Amy, RE: When prices started getting out of control a few months ago (i.e. one before the recent spike), OPEC released more supply which I believe resulted in lower prices. Don't confuse gasoline with crude oil. Domestic refineries have been at full capacity for some time now. The supply of gasoline didn't change when Saudi Arabia recently increased production. The only reason the price of gasoline declined (very slightly) was because some speculators that had accumulated some inventory got a bit scared and decided to sell. That didn't change much, and if you look at the nearby futures wholesale price of unleaded, it is less than 6¢ off its all time high. As far as crude is concerned, OPEC held back this last production increase for so long only because it was the last bullet in the holster. OPEC is now producing crude at full capacity, and there's nothing they can do to push prices one bit lower. They can talk all they want, and they'll certainly try, but they can't increase the supply of crude one ounce more right now. And if OPEC can't control crude prices any more, you darn sure know that they really can't do anything about the price of gasoline in the US.