http://library.northernlight.com/FB19991130510000128.html?cb=0&dx=1006&sc=0#doc

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Oil-gasoline.com, Inc. Announces Crude Oil Findings in New Report

Story Filed: Tuesday, November 30, 1999 10:55 AM EST

WILTON, Calif., Nov 30, 1999 (BUSINESS WIRE) -- A Special Report on World Crude Oil Production released by oil-gasoline.com, inc., determined producers are once again over producing crude oil.

The report combined EIA data through July with very conservative growth estimates. "Don't be fooled by half empty tanks in the United States and Europe," says George Clemen, CEO of oil-gasoline.com. "Refiners simply refuse to buy any more than they absolutely need at these high prices. Instead, they are using up cheaper oil in inventory while they wait for prices to come down."

The report's colorful graphs and technical details reveal the huge shift in international cash flow due to rising prices, and production rates beyond OPEC's ability to control. The report suggests the industry is right back where it was in December 1997 and the only thing keeping prices afloat is Y2K speculation. Oil-gasoline.com is a web site that specializes in crude oil price and industry supply/demand forecasts. Reports have been posted weekly since 1997.

-- Homer Beanfang (Bats@inbellfry.com), November 30, 1999

Answers

"Refiners simply refuse to buy any more than they absolutely need at these high prices. Instead, they are using up cheaper oil in inventory while they wait for prices to come down."

not great news...

Mike

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-- Michael Taylor (mtdesign3@aol.com), November 30, 1999.

Then where exactly is all this oil - still on foreign shores?

-- Brooks (brooksbie@hotmail.com), November 30, 1999.