screech under load

[TWFAUST at aol.com]

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My '90 100 has developed a screech which sounds like a loose belt. I
tightened the belt on the compressor and it doesn't seemed to have changed
things. Doesn't make any noise while cold. Noise occurs on acceleration, but
stops at about 2500 rpm or when I let off the gas. The compressor looks oily.
In this weather, there is not much use for it. Running heat on "Economy"
seems to help a little. Today I am going to cut the belt. My real question is
"could this be the water pump?" Operating temperatures seem normal.
Tom Faust