Keep laughing Oil Bulls. Your days are numbered.

http://dailynews.yahoo.com/h/nm/20000630/bs/markets_commodities_dc_1.html

Until a few minutes before the close, futures were clinging to modest gains as the market largely shrugged off hints from OPEC power Saudi Arabia it would act with other producers to pump more oil within weeks if high prices persisted.

A Saudi oil ministry official told Reuters that Saudi Arabia, the world's biggest oil exporter, is prepared to take swift action to bring oil prices down toward $25 a barrel if the market stays high over the next few weeks.

Crude oil futures have been keeping their head up despite OPEC's decision to increase output by 708,000 barrels per day (bpd) from tomorrow. The cartel's output increase, the second this year, has failed to dampen buyers' enthusiasm in world oil markets because traders and analysts feel the volume is not enough to ease tight supplies.

NYMEX August delivery crude settled at $32.50 a barrel, losing 22 cents on the day. July heating oil settled 84.14 cents a gallon, losing 0.33 cent. July gasoline fell 1.27 cents to $1.0378.

-- cpr (buytexas@swbell.net), June 30, 2000

Answers

They had promised to act to keep oil at around $28/bl earlier in the year. Now they promise to act "swiftly" if prices remain high "over the next few weeks" -- like through summer, right? And you're laughing? I guess you believe them, then?

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-- (nuts@upina.cellrelay.tower), June 30, 2000.

Yeah, CPR, just keep telling us "it won't be long now". Somehow that sounds vaguely familiar. Paul Milne, anyone?

Be sure to let us know when that "OIL PRICE CRASH SOON!" happens, won't you?

-- Sergeant Friday (just.the@facts.maam), June 30, 2000.

LOLOL is right!

We're all laughing at CPR, the raving lunatic loudmouth idiot!

Hey don't worry moron, you'll be right one of these years, what goes up must come down, right? ROTFL!!!

-- (cpr.the@loudmouth.fool), June 30, 2000.

Premium is now $2.12 in San Francisco. We're sure hearing a lot of fancy rhetoric. Wonder when it will start turning into reality?

-- Gasman (gman@beans.for.us), June 30, 2000.

>> Your days are numbered. <<

But, of course, no one knows what that number is. You are wise not to name one. Every prognosticator who has come to this forum (or to TB2K) and named a precise number that fit their viewpoint of the markets has gone down in flames.

Meanwhile, this is tatamount to saying, "we're all gonna die!" or "I think it'll rain one of these days."

-- Brian McLaughlin (brianm@ims.com), June 30, 2000.

I have to agree with cpr on this gasoline price issue too. (Yikes, that's two argeements in one night---slapping myself upside the head). Corrected for inflation, taxes and mandated additives, the price of gasoline has changed little in 25 years. Anyone have the numbers?

-- Lars (lars@indy.net), June 30, 2000.

LOL!!! Cpr sure is a horse's ass! I can't recall ever seeing anyone as dumb as him. He makes Andy Ray, LL, and even Y2K Pro look smart!

-- laughin my butt off (now i've @ seen. everything), June 30, 2000.

and Brian even makes laughing by butt off, Hawk, and nemesis look smart, well I am speaking in a relative manner.

-- Skinny dipping in the ozarks (getting@real.cod), July 01, 2000.

I guess the Saudis must have consulted with CPR and realized that they needed to balance things.

-- Gas Man (gman@gas.for.less), July 01, 2000.

isn,t it called>pushing the envelope!

-- al-d. (dogs@zianet.com), July 03, 2000.

It may be difficult to sustain the current world wide production levels, considering the severe shortage of personnel in oil service companies.

It doesn't get any better than this.

-- Cave Man (caves@are.us), July 03, 2000.