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Board and Forum Report, November 8, 2005:

The Board held its regular monthly meeting on November 8, 2005 at the Long Beach Petroleum Club.  Chairperson Pat Shuler called the meeting to order at 10:30 AM.  Highlights follow:

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Prior to the Forum Program, 2004 – 05 Chairperson, Raj Upadhyay was awarded a very nice commemorative plaque by Pat Shuler.

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The Forum was attended by nearly 50 members and featured two speakers, speaking one topic – crude pricing.  Tom Walker reviewed key drivers of California pricing, which include increasing imports, competition from China and spare capacity increasingly met by heavy crude.

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Barry Evans focused on world pricing.  Key drivers here are Saudi spare capacity, declining new discovery reserve additions and the unsettling notion that the Middle East reserve base could likely be overstated.  High prices could mitigate demand, but with spare capacity below 3% of production, the bottom line conclusion for both talks is that prices continuing in the $50 - $60 range are likely.

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