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

To: marc chatman who wrote (35413)	1/20/1999 11:27:00 AM
From: Mike from La.	Respond to of 95453

Marc, I agree with you, if the Government props up the most expensive oil producers, it does so at the expense of the more efficient producers. The other point raised by people is why doesn't Clinton do something? The Administration can't do anything without Congress's actions, and Congress (the House) has already shot down plans to help the producers. No reason to expect them to change their minds, particularly when they are not going to be doing anything until the Clinton thing is over. If they go to witnesses, we're talking up to 6 months or longer. There is one plan advanced that does not require Congressional approval, and that is to take payment of the offshore leases in oil instead of cash, and put the oil into the SPR. But everything is still in the talking stages. It looks like ultimately the free market is going to have to straighten things out, with a lot of pain to the high cost producers. I wonder if Saudi Arabia has not been working towards this the whole time? Mike from La.