Forecasters See No Repeat of 80s Oil Bust
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A team of market forecasters that correctly predicted the oil bust of the 1980s thinks history will not repeat itself, at least for now.
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Oil prices remain around the $82-a-barrel mark, over fears a storm may develop in the Gulf of Mexico.
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NEW YORK - Yesterday, in writing about the rise in oil prices--which have roughly doubled in a year--I noted, &quot;No one saw it coming.
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Heads up: From the summer doldrums to the September doldrums. Don&#39;t get your hopes up that the stock market will spike up until oil prices come back down and the presidential election is decided, the Stock Trader&#39;s Almanac advises.
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Record oil prices are unlikely to inflict the economic pain they did in the 1970s, Federal Reserve Chairman Alan Greenspan said on Friday, adding that he thought the world could adjust to higher-priced oil.
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Record oil prices are creating headwinds for the US economy but do not place its recovery at risk, Dallas Federal Reserve Bank President Robert McTeer said on Monday.
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WASHINGTON - This year's oil price surge will not be a replay of the oil shocks of the 1970s and 1980s that sent the United States into a series of recessions, Federal Reserve Chairman Alan Greenspan said Friday.    Greenspan delivered a generally upbeat assessment of the economy's ability to withstand this year's spike in oil prices, but he added a significant qualifier...
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The Chairman of the US Federal Reserve, Alan Greenspan, says he believes the current surge in global oil prices will not have the same impact on economic growth and inflation as the energy crisis of the 1970s.
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A senior US Federal Reserve official said Thursday the recent spike in oil prices would almost certainly impact on the US economy, although it may not be as significant as the shocks of the 1970s and 1980s.
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Investors are expected to focus on oil  prices and corporate earnings outlooks this week, and the  slightest warning about company revenues could weigh on stocks.
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OPEC, pumping oil at the fastest pace in 25 years, has little ammunition left to reduce near- record prices at a meeting this week, and some analysts are forecasting crude above $40 a barrel for the rest of the year.
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Singapore - Oil futures clung to a narrow range yesterday as the market braced for an expected Arctic blast in the US that could drive up heating oil prices, while traders fretted over potential supply disruptions in Saudi Arabia, Russia and Iraq.
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World oil prices surged nearly $2 on  Friday on worries the stormy season in the Gulf of Mexico would  continue to hamper energy production and imports, delaying  vital stock building ahead of the coming winter months.
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Top U.S. economic forecasters are growing increasingly worried about the impact of surging oil prices on consumer and business spending in 2005, a survey released on Sunday showed.
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Oil prices will remain at high levels into next year owing to tight supplies and despite fears that a weak US economy may dent crude demand, leading energy consultants said here Monday.
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OPEC is widely expected to resist consumer calls for more oil when it meets on Friday, worried by a slowing U.S. economy and the onset of seasonally lower demand in the spring.
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Oil stood above $60 on Tuesday after forecasts of a cold spell in the U.S. Northeast buoyed heating oil, and as a weaker dollar and a Saudi warning of possible new output curbs bolstered the market.