Quick Notes

[billroper]

So I was talking to my brother -- who works in the oil and gas industry -- today about some family matters and the discussion veered from the price of oil to the upcoming Presidential election. My brother, shooting from the hip -- once again appropriate, since he's down in Texas -- said that he thought that if Kerry were elected oil might hit $100 / barrel, because Kerry would empty the Strategic Petroleum Reserve in a futile effort to drive down prices, after which we would be over a barrel, so to speak. (I'd be surprised if oil got that high, but I'm surprised that it's this high, so what do I know?)

He also noted that they can't get a firm quote on pipe for a pipeline, because the suppliers won't give you a quote valid past now because steel prices are up by about 50% and no one wants to get stuck with expensive inventory in case steel prices retreat to a more normal level. If you want to buy it today, they'll give you a price and if you say yes, they'll buy the steel to make the pipe.

Meanwhile, on a completely non-political subject, I went down to Hot Dog Island for lunch today and found myself sitting one table away from Jerry Krause, the former general manager of the Chicago Bulls.

Comments

[singlemaltsilk.livejournal.com]

Bill, I've read Kerry's position papers on energy, and I haven't seen ANY reference at all to touching the SPR. Of course, your brother is certainly entitled to his opinions.

[minnehaha.livejournal.com]

Although you have to admit, an opinion along the lines of: "The President has screwed the economy up so badly that oil has gotten higher than $50 a barrel, and he shows no sign of doing anything about it or even caring, but I'm not going to vote for the other guy because of some imagined fear." Seems to me you get rid of the guy who caused the problems in the first place (idiotic energy policy, terrible monetary policy, foreign wars).

But similar to above, I'm surprised that the President screwed it up this bad. I mean, I knew it would be bad...but wow. So what do I know?

B

[billroper]

I found this article when I went looking on Google.

Other articles that I saw suggest that he may have simply suggested not filling the reserve at this time, rather than taking oil out of it.

[minnehaha.livejournal.com]

Since Bush is now tapping the reserves (presumably in an attempt to drive prices down before the election), is your brother now going to vote for Kerry?

http://www.reuters.com/financeNewsArticle.jhtml?type=businessNews&storyID=6319418

B

[billroper]

Actually, I think my brother likes high oil prices from where he's sitting. :)