-Caveat Lector-
October 11, 2000
Review & Outlook
Bidding on the Reserve
My goodness but it seemed like such a cute, harmless story.
Until we looked a bit closer. The great big U.S. Department of
Energy said it was going to release 30 million barrels of oil
from its great big Strategic Petroleum Reserve. Some of the
great big oil companies made bids -- companies like BP Amoco and
Marathon Ashland Petroleum and Conoco Inc. But among the winners
were three tiny oil companies: Lance Stroud Enterprises Inc.,
Euell Energy Resources and Burhany Enterprises Inc.
What do these Davids all have in common? Well, nobody in the oil
industry has ever heard of them, none of them seem to have
refining capacity (or even tankers) and they seem to have
borrowed, from the U.S. government, a total of 10 million
barrels of oil whose value on the market is millions of times
greater than than the net worth of their firms.
According to Platt's Oilgram, Lance Stroud Enterprises has one
employee, Lance himself, is located in Harlem and has never done
an oil deal. Burhany Enterprises has one employee, Ronald Peek,
is located in Tallahassee, Fla., and, as far as Platt's could
determine, has never done an oil deal. Euell Energy Resources
has about a dozen employees, is located in Aurora, Colorado, says
it is "an integrated energy services company," and lists that
great oilman, the Reverend Jesse Jackson, as a guiding light.
Come again?
But look even closer. The deal itself is not a purchase but a
swap. The Energy Department will release the oil to the
successful bidders, who must promise to replace it by November
2001. Payment is at that time and made in barrels of oil. This
obviates the need for the three Davids to come up with cash --
only letters of credit, which must be presented to the Energy
Department today. This financing was, presumably, what allowed
the Davids to get in the arena with the Goliaths.
This is one sweet deal. Who wouldn't want to own 10 million
barrels of oil with no money down, 12 months to pay? In fact,
it's amazing that the Energy Department wasn't swamped with bids.
Which has traders wondering why these three Davids and not
others. Perhaps these three have a Very Good Friend in the
Energy Department? Perhaps they are fronts for some low-down
types? Perhaps they are just shills to prop up the prices when
it looked as though the auction might not command a lot of
interest from the standard suspects?
Of course, this deal involves a speculation: The price of oil
could spike by next November and the three Davids could lose
their slingshots.
Meanwhile, we are left to scratch our heads and wonder. . . .
=================================================================
Kadosh, Kadosh, Kadosh, YHVH, TZEVAOT
FROM THE DESK OF: <[EMAIL PROTECTED]>
*Mike Spitzer* <[EMAIL PROTECTED]>
~~~~~~~~ <[EMAIL PROTECTED]>
The Best Way To Destroy Enemies Is To Change Them To Friends
Shalom, A Salaam Aleikum, and to all, A Good Day.
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