Re: How high will oil prices go?

retrogrouch_at_comcast.net
Date: 10/11/04 

Date: Mon, 11 Oct 2004 17:06:28 GMT

On Mon, 11 Oct 2004 15:48:21 GMT, "Fred B. McGalliard"
<frederick.b.mcgalliard@boeing.com> wrote:

>
><retrogrouch@comcast.net> wrote in message
>news:620km019m4nus6omm81vsd9qcu3nvegjdd@4ax.com...
>...
>> T Boone Pickens said a week or more ago it was going to $60 and would
>> not drop any time soon below $50.
>
>In 3-6 months T Boone will be saying that he told us all it would drop back
>below $50 soon, and see it's back at 45.

Nonsense.

>And it will very gradually drift up
>from that. The reason it can't stay at 50 long is because that will
>encourage, conservation, increased production, the use of alternative fuels.
>I expect China will be leading the US in coal to oil conversion as soon as
>they figure how much money this gas is costing them.

Except of course the Chinese economy is too hot to seriously diminish
demand in the short term. And the world is emerging from a long
stagnant period in economic growth.

The notion that conservation, alternative fuels etc. will do anything
significant short term is absurd. And your idea that increased
production is possible ignores the facts that the bottle neck is in
refining capacity not pumping.

In other words you are all wet.

____
"Russia does not have in its possession any trustworthy data that
would support the existence of nuclear weapons on any weapons of mass
destruction in Iraq, and we have not received from our partners such
information as yet," Putin told a press conference after his recent
meetings with Tony Blair in the Russian countryside, including the
British government's recently disclosed dossier that alleges Saddam
has weapons of mass destruction that he's ready to use.
 Oct 17, 2002
http://www.atimes.com/atimes/Middle_East/DJ17Ak03.html

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