Governor Pataki calls on President Clinton to attack oil prices By Associated Press, 1/22/2000 18:47 ALBANY, N.Y. (AP) Gov. George Pataki is asking the Clinton administration to act against the recent rise in petroleum prices.

''The recent, rapid rise in prices in this region is inexplicable,'' Pataki said Saturday. ''Prices began escalating even before the current cold snap we've been experiencing and those price increases are placing public safety in jeopardy.''

Pataki called on President Clinton to investigate the cause of the price rise and to release $300 million in emergency heating funds for low-income residents. New York would be eligible for $40 million.

The state Emergency Management Office is working with American Red Cross chapters across the state to help prepare for public health and safety needs, a Pataki official said.

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Officials call for measures to fight rising oil prices By Associated Press, 1/22/2000 22:21 BOSTON (AP) Concerned about high prices for heating oil, Massachusetts officials on Saturday said they would explore options to protect consumers.

Boston Mayor Thomas Menino said the city's 24-hour hotline has received numerous complaints from consumers during the cold snap that has seized the region over the past several days.

Menino said he would join U.S. Sen. Edward Kennedy in calling on President Bill Clinton to release emergency low-income heating assistance funds to help consumers who cannot afford the higher oil prices. He also said the city's Trust Office has been working with Citizens Energy Corporation to find funding for emergency fuel assistance.

According to state statistics, heating oil costs have risen an average of 30 to 35 percent since last year. Last January's prices averaged between 75 and 80 cents a gallon. But current prices charged by full-service dealers across the state range from about 94 cents to $1.30 per gallon.

Also on Saturday, Attorney General Tom Reilly warned businesses to refrain from price-gouging.

''The recent cold snap may be encouraging some dealers to take advantage of the public,'' Reilly said in a statement. ''We want businesses to know that we are keeping an eye on complaints of price fluctuations, and that we will protect consumers against unfair increasing costs.''

-- Andy (2000EOD@prodigy.net), January 23, 2000

Answers

Sounds like taxpayers are in for some additional expenses..... sometimes the sheeple herders not only wear wellington's but they also have velcro gloves, right Andy? :)

-- Will (righthere@home.now), January 23, 2000.

I'm told LMAO wears them all the time, and has velcro in his wellies too... ;o)

-- Andy (2000EOD@prodigy.net), January 23, 2000.

Velcro in his wellies? now that's ingenuity, I wonder if he will be able to overcome the ...er petroleum shortage. Oh.... I've got it!! He should be able to use *polly-mer* :)

-- Will (righthere@home.now), January 23, 2000.

Andy,

I've got a question for you about Euro's on the next thread up entitled "Why is Iraq selling its Oil at $24.00 a barrel". If you get a chance to check it out.

Thanks,

Zguy

-- Zguy (oil@euros.com), January 23, 2000.

I've just answered it, very briefly, but it's all fairly acdemic. I do see the writing on the wall. Somebody said, I think ORO, that bringing about a gold turnaround and euro-oil pricing is akin to herding cats...

-- Andy (2000EOD@prodigy.net), January 23, 2000.

I LOVE IT! People here actually KNOW about wellies!!! Being a Scot myself, - I surely do miss 'em. Hve had to wear Galoshes for past 25 years! (sniff...) :)

-- Jesse (wearyhobo@icqmail.com), January 23, 2000.

Yes but what's under yon kilt and is it velcroed down to stop it flapping in the wind - this applies to LMAO too...

-- Andy (2000EOD@prodigy.net), January 23, 2000.

Andy, Since you're up now (apparently) and I was gone when Gordon was answering questions, I'm curious what you (or others) have to say about the "Plunge Protection Team" thing. (Whoever the PPT is- can you say more specifically who?).

Specifically: 1) I didn't get a detailed answer as to how the PPT tries to lower oil prices. Do they sell futures short? And if they do that, could they be in for some very high losses to cover their short sales?

2) If that is how they do it, then why would they care about such losses, considering what there is so much more to lose by bubble.com popping? Why aren't they able to overcome any resistance by the "normal" oil market?

3)And, is the manner in which they work on oil prices exactly the same as I hear Goldbug types saying that they work on gold futures?

I'm interested because it seems like the same factors may have contributed to turning the tables prior to Y2K, in keeping the panic down (keeping gold prices supressed). If I were interested in maintaining "the economy" and money were no object, I would be doing everything possible to smash oil prices.

4)Finally, I'm curious what you think about why OPEC is able to "get away with" taking some economic power away from TPTB. In the past (in the '70's) they suffered economic trade consequences which were quite devastating because of their power play with oil. Aren't they afraid of such punishments again?

Thanx for your thoughts.

-- Chuck (cestin@aa.net), January 23, 2000.

Hi Chuck,

Specifically: 1) I didn't get a detailed answer as to how the PPT tries to lower oil prices. Do they sell futures short? And if they do that, could they be in for some very high losses to cover their short sales?

####### It's purely a theory, but on the gold world it's as regular as clockwork. I would imagine that in the clsing stages of last Friday they were selling, thereby trying to allow the price to drop. they were not successful... #######

2) If that is how they do it, then why would they care about such losses, considering what there is so much more to lose by bubble.com popping? Why aren't they able to overcome any resistance by the "normal" oil market?

####### I'm no expert here, far from it, but the oil market is totally different to gold. It's a tangible commodity which needs to move, it can't sit around like gold in a vault somewhere waiting for some action. Gold is predominantly a paper trade. With oil you get a truer purer supply/demand equation, and it's a worldwide one at that - every large country needs oil to survive/compete - it is still manipulated imho on the grand scale... just look at how long prices have remained low despite inflation - that's because the Arabs have always been paid in gold also in a two-tier system if you like, gold and "protection" if you know what I mean :o) #######

3)And, is the manner in which they work on oil prices exactly the same as I hear Goldbug types saying that they work on gold futures?

####### See above, I don't understand the trading mechanics of it... #######

I'm interested because it seems like the same factors may have contributed to turning the tables prior to Y2K, in keeping the panic down (keeping gold prices supressed). If I were interested in maintaining "the economy" and money were no object, I would be doing everything possible to smash oil prices.

####### Me too - but the oil business is just too big imho. Bush is in Kuwait, Richardson has been in Saudi recently, Clinton is now being asked by other politicians to explain the high prices... it's getting away from them... #######

4)Finally, I'm curious what you think about why OPEC is able to "get away with" taking some economic power away from TPTB. In the past (in the '70's) they suffered economic trade consequences which were quite devastating because of their power play with oil. Aren't they afraid of such punishments again?

####### It could be that OPEC really do have y2k problems so they are milking the situation - saying they are cutting quotas whn in reality it is happening anyway - perhaps the USA via CIA also knows this - I'm sure arrangements are trying to be made... but the fact is we have a larger than a 4% shortfall, that is on a par with the recession we had in 1973 [induced by OPEC].

There is also a war going on between the Euro and Dollar. I personally think the Arabs have decided to go to Euroland and damn the USA. #######

-- Andy (2000EOD@prodigy.net), January 23, 2000.

Thanx, Andy.

I'm an addicted, fascinated lurker, but I'm not here as much as you must be. I'd be curious about Gordon's answers to my questions here.

What are your thoughts on the timing of gold prices in the near future?

-- Chuck (cestin@aa.net), January 23, 2000.

Oil should be the catalyst to burst bubble.com.

Then all bets are off... at least $800+, probably much higher, out on a limb guess by the Ides of March.

-- Andy (2000EOD@prodigy.net), January 23, 2000.

By the way, in case anyone hasn't noticed, here in the Northeast we have the "right" to heating oil at a price we can afford, according to our Socialist government officials.

I guess we better go find some Y2K-compliant third world oil producing country and conquer it asap!

;-)

-- cgbg jr (cgbgjr@webtv.net), January 23, 2000.

So THAT'S the missing Constitutional Ammendment!

I KNEW they had misplaced one SOMEWHERE!!

"A RIGHT to cheap gas and heating fuel."

I LIKE it!!

ROFLMAOTIPMP!!!!!! (Terribly hard to type coherently from the floor)

ACTUALLY, some of these idiots will, IMO be calling for the release of oil from the SPR in a VERY SHORT time.

And the Flintstone Administration will once again demonstrate the concatenation of cluelessness on oil issues with the Liberal "Nanny Government - It's not RIGHT that we should be penalized by the open Market" attitudes by opening up the SPR, draining it down and making th3e US even MORE vulnerable....

Chuck

Who doesn't see higher prices as a short term strategic emergency

-- Chuck, a night driver (rienzoo@en.com), January 23, 2000.

The recent, rapid rise in prices in this region is inexplicable.......Pssst. Hey, Pataki, ever hear of Y2K?

-TECH32-

-- TECH32 (TECH32@NOMAIL.COM), January 23, 2000.

I guess we better go find some Y2K-compliant third world oil producing country and conquer it asap!

;-)

-- cgbg jr (cgbgjr@webtv.net), January 23, 2000.

Ecuador??------------------------------------------------------------- -------------------

-- nancy (nallen@acadia.net), January 23, 2000.

cgbg jr,
"I guess we better go find some Y2K-compliant third world oil producing country and conquer it asap!"

Bush + Kuwait = your answer?

-- Possible Impact (posim@hotmail.com), January 23, 2000.

Ramp up to an election year in progress. Potential FUBAR is now at TARFU status in NYC and eastern seaboard. Politicians lining up and oiling up their longshanks.

Tommorrow's gonna be a fun one to watch. The spin should begin some time tonight and roll into tommorrow. The world will be watching as the arrows fly.

-- Gordon (g_gecko_69@hotmail.com), January 23, 2000.

TARFU???

I've worked out the last two, first is Totally? :o) LOL!

-- Andy (2000EOD@prodigy.net), January 23, 2000.