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

To: A. Geiche who wrote (37527)	2/13/1999 10:43:00 PM
From: Mike from La.	Read Replies (1) \| Respond to of 95453

Here's parts of the article from the 8 feb. 99 Wall street Journal. It's too long for all of it but these are the main parts. The article you cite refers to a meeting last September. "Saudi's Deny U.S. Oil Firms Entry for Now" Despite prodding from Washington, Saudi Arabia said U.S. energy companies won't be allowed back into the kingdom's oil business, at least not for now. The prospect was first raised last year when Prince Abdullah, surprising U.A. oil companies made an open-ended invitation for investment proposals into the SAudi energy sector. But at a news conference Sat with U.S. Energy Sec Bill Richardson, the oil minister said his country is seeking investment in building its natural-gas use and its refining and marketing businesses, not oil. "Do we need additional capacity to produce? I think the answer is no," Mr. Naimi said. .... Mr. Richardson had come to Riyadh in part to persuade the Saudis to open their fields. U.S. companies had been thrown out of Saudi Arabia in the 1970's .... ... Saudi Arabia, the world's largest producer, pumps only 80% of its 10 million barrels of daily capacity in an attempt to limit world supply and boost prices...." End I'm naturally skeptical about a lot that I read, but I really don't think the Wall Street Journal is part of an oil conspiracy cover up. The article in the Washington is news from last September, and some guy I've never heard of, from an energy consulting firm is using it to predict $10 oil. I'm a little more skeptical of him than I am of the Wall Street Journal article. But hey, that's just me. Mike from La.