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Article: Oil Prices Dive // Consumers, Business May Gain
- Article from:
- Chicago Sun-Times
- Article date:
- November 30, 1993
- Author:
CopyrightCopyright 1993 Chicago Sun-Times. (Hide copyright information)
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Oil prices crashed to their lowest levels in more than three
years Monday, and they're likely to stay low for at least the next 12
months.
Economic doldrums around the world - and the resulting weak
demand for oil - have pushed down prices, said Jim Golan, an analyst
at Kemper Financial specializing in oil company stocks. In addition,
OPEC decided last week to maintain oil production at current levels.
If the lower prices stick, consumers may see cheaper gasoline
and heating oil in the next few weeks, analysts said Monday.
Eventually, cheaper oil prices can reverberate throughout the
economy, dampening expectations of higher inflation and lowering
everything from mortgage rates to the ...