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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Snowshoe who wrote (27554)	8/12/1998 11:54:00 AM
From: Tulvio Durand	Read Replies (3) \| Respond to of 95453

I wonder why DOE is inviting bids on only 20 million barrel storage when the Strategic Petroleum Reserve has 117 million barrels of spare capacity. Also, instead of leasing storage I think it would be smarter for DOE to buy 117 million barrels of crude at the current bargain rate for later resale when oil becomes more expensive. It would be a win-win situation for USA and for the cash-strapped oil exporters Indonesia, Russia (who the US is trying to bail out with IMF loans, etc.), Venezuela, et al who are struggling with forced oil-production reductions. It could work off the oil glut in weeks instead of the projected four-to-six months. Perhaps we should write our Congressmen and urge them to introduce and support legislation for DOE buying the cheap oil (there does exist emergency funding provisions to do this). What do you think, good idea? Tulvio