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Gold/Mining/Energy : ABC - Abacan Resources, Nigerian Oil $$$ -- Ignore unavailable to you. Want to Upgrade?

To: Edward M. Zettlemoyer who wrote (2571)	3/12/1999 5:09:00 AM
From: SDR-SI	Read Replies (1) \| Respond to of 3156

Good morning Ed: I certainly hope that the <trivia> did not result from intentional delay based upon claimed insight into market prices, although if prices do climb, they could certainly imply such. Unfortunately, we appear to be in a different time warp than the rest of the world, one in which things take so long to get accomplished. The waiting and the required continuing downward adjustments of expectations are very frustrating. Steve

To: Edward M. Zettlemoyer who wrote (2571)	3/12/1999 5:14:00 AM
From: Edward M. Zettlemoyer	Respond to of 3156

All, P.S. Speaking of oil prices, OPEC's talkin the talk, if they can just walk the walk. Thursday March 11, 4:44 pm Eastern Time Gas Prices Expected To Head Higher By ERIC R. QUINONES AP Business Writer NEW YORK (AP) -- The cheap gas prices that drivers have been enjoying for months are heading higher. Crude oil prices have rallied in recent days on hopes that major producers such as Saudi Arabia and Iran will agree to cut output and ease the world's oil glut. The surge means a few more cents per gallon at the pump for drivers, but relief to beleaguered U.S. oil companies. ''Higher prices would help a lot of companies here, so I wouldn't mind paying a little bit more,'' Houston resident Karen McQuilling said Thursday after filling up her sport-utility vehicle with 89-cent gas. Crude oil futures slipped Thursday after three days of gains, down 38 cents to $14.31 per barrel. Despite that decline, crude is still at levels not seen since November and is up 33 percent from a 12-year low of $10.72 in December. In addition to hopes for reduced output, oil prices have been aided by a harsh winter in some parts of the United States and increased industrial demand, said George Gaspar, an analyst with Robert W. Baird & Co. The surge has carried over to Wall Street, where stocks in oil companies such as Exxon (NYSE:XON - news), Mobil, Chevron (NYSE:CHV - news) and BP Amoco have been rising in hopes that their slumping profits would be revived by a turnaround in oil prices. And the results are already showing at the pump, where gasoline prices rose last week for the first time since September. The average price of self-serve regular gasoline was 94 cents per gallon, up a penny from two weeks earlier, according to Lundberg Survey Inc., which polls 10,000 gas stations nationwide. If oil production cuts are announced and sustained, analysts said crude oil could rise to $17 or $18 per barrel in the next several months -- adding another 10 to 20 cents per gallon to average gasoline prices. Increased demand during the spring and summer travel season historically adds a few cents per gallon to pump prices as well. But that rosy scenario for oil producers and gas-stations owners still would not mean much hardship for drivers because gas prices are now at their lowest point since 1979, said AAA spokesman Mitch Fuqua. Just 18 months ago, for example, the average price for regular gasoline was $1.27 per gallon -- 35 percent higher than its current level, according to Lundberg Survey. ''Even if we jump 5 cents, 10 cents, 15 cents, we're still going to be experiencing a bargain at the pump,'' AAA's Fuqua said. The possibility also remains that OPEC members will be unable to agree on a plan to cut production or won't follow through on any pledges for cutbacks. Saudi Arabia's oil minister has said that members of OPEC will agree on production cuts ahead of the cartel's meeting March 23, and traders have been optimistic that producers are serious about trying to reduce supply. But OPEC has been plagued in the past by persistent cheating on output quotas by some members. ''OPEC has a history where they don't always succeed, so you have to be a little bit cautious,'' said Alvin Silber, an analyst with Herzog, Heine, Geduld. eom