nabors tracks osx damn near perfect, aparently debt,
mismanagement whatever drag down pkd, flc. how do you spell dog
U.S. military fuel buying soars amid Yugolsavia
By Richard Valdmanis
NEW YORK, May 25
(Reuters) - As NATO's bombing campaign against Yugoslavia
enters its third month, U.S. military purchases of fuel
for Europe has soared nearly threefold from last
year's level, the Department of Defense said on Tuesday.
The fighter sorties, as well as the need to replenish
dwindling stocks, has pushed U.S. military purchases of jet
fuel for Europe to 20.7 million barrels from the
January 1 to May 25, up from 8.4 million barrels in the
same period last year, the spokeswoman told Reuters.
"The purchases are up significantly this year for
Europe, partly to support our efforts in Allied Force,"
said a spokeswoman for the Defense Department's fuel
purchasing arm, the Defense Energy Support Center. "We're
also trying to replenish our European inventories,
which have dwindled in recent years."
amount spent on jet fuel for the U.S. military in Europe
also is sharply higher, but to a lesser degree than
volume because of lower prices. It is not yet possible
to compare actual spending totals, but based on
benchmark New York jet fuel prices the DESC total would be
$297 million dollars for jet bought so far this year,
versus last year $174 million last year.
warplanes, which include a major presence of U.S. fighters,
are using an estimated 240,000 barrels per day --
about five percent of world consumption -- for their
bombing raids on Yugoslavia, according to an American
Petroleum Institute report released last week.
demand coming from the war effort is expected to
increase in the short-term.
U.S. Defense Secretary
William Cohen said last week that the alliance was
intensifying its air campaign to pressure Yugoslav President
Slobodan Milosevic to acquiesce to NATO demands.
has said bombing sorties over Yugoslavia will not
stop until President Milosevic pulls Serbian forces
from the embattled Kosovo province, allows ethnic
Albanian refugees to return to their homes, and permits an
armed Allied security force to oversee the
Supplemental purchases of jet fuel by the
U.S. Defense Department since the raids on Yugoslavia
began in March have increased progressively, with the
most recent U.S. tender, issued May 18, calling for
nearly 200 million gallons of jet fuel to be delivered
to military terminals in Italy, Greece, Britain,
Belgium, and France between June and August, 1999.
supplemental tender, one of a half dozen typically issued by
the Defense Department every year, is more than 10
times the typical amount, and will be awarded sometime
next week, a DESC official said.
supplemental tenders since the airwars began total 127 million
gallons, or three million barrels, of fuel for jet
fighters and Navy ships within the European theater.
Nice API tonight .. crude -3.3; gas +0.7; dist
Get ready to rock :o)
Planned Complaint Isn't Welcomed
Caracas, May 25
(Bloomberg) -- Venezuela warned that oil supplies to the U.S.
could be disrupted if the U.S. Commerce Department
takes a planned complaint by a trade group seriously.
The Independent Petroleum Association of America and
other oil groups plan a complaint against Venezuela,
Iraq, Mexico and Kuwait for allegedly dumping crude on
the U.S. market.
The group is expected to ask the
Commerce Department to investigate whether foreign oil
producers sought to decrease prices and unfairly drive down
``If this proceeds before the
Commerce Department, this could create disruptions'' in
deliveries, said Energy and Mines Minister Ali Rodriguez
during congressional testimony.
Oil is Venezuela's
chief export, and the country is one of the largest oil
exporters to the U.S., which receives more than half of
Venezuela's 2.72 million barrels a day output.
members have joined with other oil groups, charging
Venezuela and others have dumping crude in the U.S. to
drive down domestic production. Oil producers argue
that 50,000 oil workers have lost their jobs because
of low oil prices in the past year as U.S.
production fell 7.5 percent in the past year.
price increases won't counter the dumping complaint
because it applies only to prices for a year that began
March 31, 1998.
access to the U.S. could cause additional budget
troubles for Venezuela, which is already looking at an $8
billion deficit this year. The U.S. is Venezuela's main
market for oil, with more than 50 percent of its exports
Also, Venezuela is counting with
windfall oil revenue this year to finance several
ambitious social programs in education and health care,
cornerstones of President Hugo Chavez's ``peaceful
revolution'' government program.
Rodriguez said Venezuela
will take action to prevent the suit from going
``We are acting commercially and politically
to stop this,'' said Rodriguez. ``We are not selling
oil below cost, that's ridiculous.''
Arabia, Venezuela has the lowest oil production costs in
the world, of about $1.5 a barrel, according to
Energy and Mines Ministry figures.
The index that is most indicative of PKD is the
Philadelphia oil service index (OSX). I think the symbol Yahoo
uses is ^osx.x
It is composed of 15 oil drillers,
mostly larger cap issues than Parker, but the issues
trade roughly in line.
Next time I run into the
component list and weighting I'll post it.