The Price of Oil (fwd)

Stephen E Philion philion at
Sun Mar 26 15:05:51 PST 2000

NYT: March 26, 2000

The Price of Oil

Letters Index


To the Editor:

As a former oil trader, I think there are several issues to consider

about the currently high price of oil ("Clinton Calls for New Pool of

Heating Oil for Northeast," news article, March 19).

The tightness in the oil market is directly attributable to our

country's lackluster research and development in alternative fuels and

the improvement of vehicular fuel mileage, as well as lack of

investment in our railroads. It is also a result of an aggressive

foreign policy that has left important oil-producing countries like

the former Soviet Union and Iraq in shambles.

Storing large quantities of heating oil can create its own problems:

it becomes very expensive in oil markets that are (like now) declining

in future value by more than $1 per barrel per month. And there are

chemical and stability issues that usually mandate a product

changeover every few years.


Bedford Hills, N.Y., March 19, 2000


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