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Article: Asia's Troubles Helping to Keep Oil Prices Low in U.S.
- Article from:
- The Washington Post
- Article date:
- June 19, 1998
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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With oil prices at the lowest levels in more than a decade,
Asia's pain is the gas guzzler's gain.
U.S. consumers are benefiting from declines in oil prices and
in the prices of some other commodities, too, as a result of the
slowdown in demand in Asia.
Lower oil prices also will offset some of the U.S. loss of
trade with economies such as Japan and Indonesia and help reduce
inflationary pressures, helping to keep interest rates down,
economists said.
But even lower oil prices are a mixed blessing for the United
States. About half the nation's oil is produced domestically, and
those producers are hurting, analysts said.
"On the net, it's better if Asia is strong, but there are some ...