copied for study/educational/discussion purposes only

(UPI Spotlight) Clinton ponders oil reserve sale OTTAWA, Oct. 8 (UPI) - President Clinton said Friday he is considering selling reduced-price oil from the U.S. Strategic Petroleum Reserve to Northeastern states that are bracing for a frigid winter and higher fuel oil prices. Clinton said he has not made up his mind, but told reporters in Canada that "the states in the Northeast, as you know, are unusually dependent upon home oil and, therefore, are unusually dependent upon home heating oil and therefore are most sensitive to oil prices."

Copyright 1999 by United Press International

Does He know something we don't? Its already established how the petroleum industry may go tits-up this winter at the roll-over...I wonder if 'His Slickness' is starting to do some behind the scenes preps. As far as I can remember, having lived the majority of my life in New England, the feds have NEVER sold oil in the Northeast, no matter how bad a winter or how high the prices...especially from the National Strategic Reserve! Evidence evidence evidence...things that make you go hhhhmmmmmn....

-- Billy-Boy (Rakkasn@Yahoo.com), October 09, 1999

Answers

Yes, that is an odd statement by Bill.

Do you think he could just be trying to shout the market down? Sort of like "we'll sell" causing market players to sell? That would be an idiotic move if the feds sold a substantial percentage of their stocks at this time. Just weird.

-- Jim the Window Washer (Rational@man.com), October 09, 1999.

And in the when I'm wrong department....I was dead wrong about the strength of the oil market at least in the near term. I was shocked by the strength of the sell off this week. I don't think it had anything to do with Billy Bob's silly statement, but rather a market that had shot straight up without nary a breather. There were also some strong market rumours regarding a large Euro/US major (who shall go nameless) who is allegedly being investigated for some market hanky panky. As the story goes, the major was told by senior manegement to get rid of all positions during the investigation. Once the funds saw them selling combined with an OPEC "non- compliance" story, the selling came in fast an furious. I've said it before, if the big boys wanna sell, standing in their way will get you hurt in a hurry. My guess is that this selloff hit quite a few where it hurts. Luckily yours truly wasn't one of them.

This being said, I am still bullish on crude and heating oil. I think the selloff was temporary and short sighted profit taking. The stock market manipulation is on the verge of implosion due to it's transparancy after this week's bullshit employment numbers.

And I can't imagine who Billy Bob is gonna sell crude to? The states? Last time I checked there were ZERO state owned refineries in the northeast. Last time I checked crude oil and heating oil had very different properties. But hey, if the state's will feel a little better being long some crude, so be it. Bill Klinton savure (pun intended) of the people.

-- Gordon (g_gecko_69@hotmail.com), October 09, 1999.

That's discrimination!! Obviously he knows that the prices are going to skyrocket this winter when the supply is disrupted, so he wants to make sure the big cities like New York have plenty for a good price. But that isn't fair to the West Coast. They may not need as much for heating, but they still use a lot. Prices always seem to be higher in the Western states anyway. I protest!! NOT FAIR!!!

-- @ (@@@.@), October 09, 1999.

Hey, tough. That didn't really work the last time it was tried. Does the year 1860 ring a bell?

-- Jim the Window Washer (Rational@man.com), October 09, 1999.

Guess he's figuring there will be a lot less driving and a lot more sitting at home in the cold.

-- @ (@@@.@), October 09, 1999.

Hey, no whining about west coast prices. You guys could have lower prices if you could flush all the commie enviro dorks out of California politics.

As I recall these geniuses spent billlions of dollars researching ways to make cleaner burning gasoline. They happened upon the idea of CARB spec gas made with MTBE (no surprise here that ARC was intimately involved with this decision). Then they made every refinery in California retool to make this new wondergas and effectively cut off imports due to the complex spec. This cost billlions and billlions. Then we come to find out that while we are saving the air that the sacred Condor breathes and the air that the spotted woofer breathes and the air that the triple horned hollywood producer breathes............all this time, we're polluting the damn water table PERMANENTLY!......

So stop bitching about your damn prices. You guys deserve higher prices.

-- Gordon (g_gecko_69@hotmail.com), October 09, 1999.

I don't live in California Geckohead. In fact I breathe some of the cleanest air on the planet (not because man cleaned it up, but because he hasn't screwed it up) and we still have the highest gas prices in the nation. If you have ever been to LA you'd realize that it has very little to do with Condors and Spotted Woofers. Even with anti-smog controls they live in a cloud of toxic gases and a lot of it is because of their geographical and climate conditions. Either way, people are having all kinds of health problems and they need to find an alternative before they all go completely brain dead. Maybe Californians deserve higher prices because they abuse their driving priveleges, but not the whole Western half of the country. Quit being a greedy capitalist pig Gordie, or you'll end up just like the guy in the movie.

-- @ (@@@.@), October 09, 1999.

Yeah Gecko, take that ya' arrogant bastard! I am a native Californian, and vote Republican...I don't deserve any higher gas prices than anyone else......

-- cavscout (stickitinyerpipe@smoke.it), October 09, 1999.

Orrrrr..... By depleting the National Reserve, (see also; military bases, armaments, AU, national parks, farmlands, fishing, forests, ad infinitum) we become increasingly dependent on gov.com for survival. And all that goes with that.

He should be up for a pul(l)itzer.

-- spun@lright (mikeymac@uswest.net), October 10, 1999.

Cavscout,

What do you drive and how many miles do you put on your vehicle every week? The Republican YuppieMobiles are just as responsible as the environmentalists. As Americans, with 4% of the world's pop and pissing away nearly 40% of the world's gasoline, we all 'deserve' higher gasoline prices. We didn't learn shit from the oil shortages of the 70s, maybe another y2k oil price spike will get us off our fat, driver seat asses.

-- Downstreamer (downstream@bigfoot.com), October 10, 1999.

The Naval War College had discussed the idea of bringing down Y2K esculated costs by releasing the reserve. I'm in Southern California and have no dispute with the Feds for assisting people with heat in freezing temperatures on the other side of the nation. If it were another nations people, well, then, I guess the troops are to control my own rioting.

-- Paula (chowbabe@pacbell.net), October 10, 1999.

Of course, the northeast would include New York... I'm sure the voters would be mighty grateful to Mrs. Clinton.

-- PNG (png@gol.com), October 10, 1999.

Paula,

"I'm in Southern California and have no dispute with the Feds for assisting people with heat in freezing temperatures on the other side of the nation."

Well, isn't that sweet of you, especially since it almost never gets colder than 60 degrees in So. Cal.! What about the Pacific Northwest where we have even higher prices than Cal. and it gets pretty damn cold.

-- @ (@@@.@), October 10, 1999.