European Stars and Stripes (Newspaper) - August 12, 1990, Darmstadt, Hesse                                Sunday August 12, 1990 the stars and stripes page.7 Bush doing the right thing goes fishing Kennebunkport Maine up1 refusing to be held hostage in the White House by the Mideast crisis president Bush began his summer vacation in Maine Friday by zipping around in his speedboat. Bush said his planned 25-Day stay at the family s Seaside estate would be combination of work and play keep ing abreast of developments in the mid dle East while enjoying such activities As Tennis Golf and fishing. Speaking with reporters aboard air Force one on the flight from washing ton to Kennebunkport Bush said he was comfortable with his decision to godhead with his vacation while . Troops planes and warships converged on the newest global hot spot. Bush s style is in marked contrast to that of former president Carter whose presidency was scarred by another mid dle East crisis. For six months carte would barely move beyond the Rose Garden As he sought an end to the Iran hostage crisis finally leaving town to cheer up the hospitalized survivors of the bloody but failed attempt to Rescue the hostages. It seems said Stuart e. Eizenstat Carter s Domestic policy adviser As if Bush has Learned a lot of lessons fro the Iran hostage situation. To the extent possible it is important to keep about the regular business of the presidency and that includes vacations because to do otherwise makes the president Smuch a hostage As those held captive in faraway lands. Bush stressed that he would get con Stant briefings from aides keep in touch with world leaders by Telephone and i needed could return to Washington within 90 minutes. Bush pointed out that he has an excellent communications system including phones on his red White and Blu speedboat and Golf cart. As if to prove the Point White House press Secretary Marlin Fitzwater issued a statement saying that National Security adviser Brent scowcroft in Washington reached Bush aboard the speedboat to discuss a statement of support issued in Cairo Egypt by the Arab league. The fact is that the president will be conducting the business of the presidency at Kennebunkport just As he does president i a no hostage Bush went fishing with his son Neil off the coast of Maine Friday afternoon. Every year and every vacation period Fitzwater  am determined that life goes on the president said. I will have a bus schedule busier than i would liked to have had. I have a list of Calls i will remaking Over the next couple of  so it will be different than i d hoped but i think i be done the right thing by going ahead with the vacation he said. The president dismissed As Radical rhetoric iraqi president Saddam Hus Sein s threat of a holy War against the United states in the Middle East. He is so isolated so backed in a Cor Ner by world opinion that the threat is merely a frantic ploy to try to gather some support Bush said predicting it s going to be  As for his vacation the president said he Felt it necessary to go ahead with his summer plans in the Small fishing Village that is dominated by the Bush family s Walker s Point estate. What you Don t want to do is appear to be held hostage in the White House to events Bush said. I m not going to do , if i m on vacation i want to have a vacation he added. I Don twant to kid the american people that i m working. Play and play hard and work like hell the rest of the time when you re i Washington and i think i be done that he said. Perhaps to underline his position Bush took his speedboat Fidelity out fora cruise on the Gray Atlantic shortly after arriving at the compound. Bush has spent every summer in Kennebunkport but one 1944, when he was a Navy  planned to make a Quick trip to Washington for briefings wednesday re turning to Maine the same  lady Barbara Bush and several of i hair children and grandchildren accompanied the president to Kennebunkport. For All the tensions Over a possible Gulf War Bush managed a big smile Anda quip when asked if he had any advice for . Citizens. Yeah he said. Stay out of Kuwait and  y m Jav Niiva in a Jav from drillers to dealers Oil pie split Many ways __.__�4 a 1 4 it a i by Bob Dart the Cox news service Washington who got the extra Money we Vesh Elled out for Gas since Iraq took Over Kuwait the big Oil companies and Little neighbourhood Gas station owners have elbowed each other aside to say not  but actually they shared the Bounty in at least some ways with folks ranging from Wall Street Wheeler dealers to the nation s real life  ewings to the saudi arabians under the Protection of . Toracs in the Mideast. The wealth has been widely shared economists and Oil Industry analysts agree. Oil producers got the big Bucks. The spot Price of crude Oil jumped by about 25 percent in a few Days but production costs remained unchanged. So the people who Drill the Oil abruptly got a lot More profit. America imports about half of its Oil so a sizable segment of the increased Cost of a gallon of Gas went to foreign producers. Saudi Arabia really cleaned up said pm lip ver Leger of the Institute of International Iconos in saudis could have expected about $14 per Uriel for some crude Oil they shipped weeks ago said Eleger. But it got Here and sold Tor $25 a  contract Price of Oil is set at the time of delivery m the United states not the Day of shipment Troy overseas Industry executives said. The Load of Oil shipped from the persian Ciulli  weeks ago and arriving at a .Fpon today is most often paid for at today s Market Price said Glenn Tilton pre a Dent of Texaco refining and marketing inc not All our imported Oil comes from the Mideast o course some comes from Mexico a nation in need of an economic lift. Some comes from  s Oil producing slates Alaska Lexas Oklahoma Louisiana also got a Boom in increased taxes and royalties As the Price of crude Oil zoomed. While the nation s Oil refiners had to pay More for Oil they imported the Oil they drilled themselves was Worth More too explained Bill Taylor of the Ameri can Petroleum Institute. About 60 percent of Domestic Oil is produced by major companies. That s about 30 percent of the nation s total Oil consumption. Rather than sell their crude Oil on spot markets the major companies usually refine it themselves. The wholesale Price of gasoline reflects the spot Price of oils profit margins Are bolstered when companies blend in their own crude Oil with Oil purchased on the spot  Oil companies Cost of drilling was no More when crude Oil was Selling for $28 a barrel on the spot Market than when it was Selling for $21 a barrel before the invasion. However the prices they charged to refined gasoline was based on the higher spot Price Industry executives  spot Price now has a much wider Impact on the Oil Industry than was the Case a decade ago Sai Dcharles j. Dibona president of the american Petroleum  Oil drillers reaped a Windfall when the spot Price of crude shot up and they sold their Oil tothe major refiners. They provide 40 percent of Domestic output roughly 20 percent of . Oil de Mand. Far from the Oil Fields other fortunes were made by some traders in the futures  c Beutel an Oil broker at Merrill Lynch futures in new York City said some traders Gamble correctly that Oil prices would jump after the Mideast  Speculator who bought crude Oil futures contracts several Days before the invasion and sold them on tuesday could have made $8,000 for every $1,000 invested said  who bought Oil futures after the incas lion and sold them a few Days later lost about $3,000 for every $1,000 invested he said. The players in the Oil futures Market include Oil companies and users of Oil products such As airline Sand trucking companies said Beutel. There s no Way of knowing exactly who was on the positive Side said nac Hanah Jacobovitz of the new York mercantile Exchange where the Oil futures Are traded. It could have been Oil companies As much As individual speculators she  about the Corner Gas station owners Many service station owners Are Independent businessmen who operate at the retail level and set their own prices. They increase the Price of product sol now in order to generate sufficient Revenue to cover the higher Cost of replacement product. This resulted in an inventory  the station owners made More than usual when they marked up prices on Gas in their storage tanks that they had Pur chased at pre invasion costs. Most returned to Norma profit margins when they passed on the costs of their next Load of higher priced  this Chain of free Market profit takers there is no guarantee of continued bounties. The Boom bust Cycle for Oil producers is Long documented. Indeed Kuwait alleged role in the relatively Low prices of crude Oil was a cause of the iraqi  risks that refiners take was shown last Winter when the profits they made in a cold december were More than offset by tosses when january and february turned unusually warm and the Price of heating Oil collapsed