CrashListers,
Item from The Sacramento Bee website:
OPEC boost in oil output not expected to cool prices
By BRUCE STANLEY, Associated Press
(clip)
LONDON (September 8, 2000 2:28 p.m. EDT http://www.nandotimes.com) -
Analysts predict that OPEC will agree to raise its official output by no
more than 800,000 barrels a day -- 3 percent of each member's production
quota. They say such an increase would do little if anything to rein in oil
prices, which have more than tripled during the past 20 months and have
continued rising this week to new post-Gulf War highs.
Well, yes. But the Sac. Bee article and the articles Mark Jones posted to
Crashlist from the official sources deftly omit one big part of the global
oil production story: World consumption of oil was 76 million barrels a day
during January-April 2000, an increase of eight million barrels a day since
1990, according to the International Energy Agency (IEA). And the US? Its
oil consumption was a mere 19 million barrels per day during January-April
2000 versus 17 million barrels in January-April 1990, according to the IEA.
Seems that concrete reality is a bit much for the official sources to report
to the public, eh?
Seth Sandronsky
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