Deflation Message Board - Msg: 12515728

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Non-Tech : Deflation

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To: jwk who wrote (42)	1/9/2000 5:36:00 PM
From: jwk	Read Replies (1) of 621

April 1999 look at deflation in the oil industry: ft.com >>> ...Oil executives spoke bleakly of prices having "entered a new paradigm", the buzz phrase for a possibly prolonged period of oil price deflation. The World Bank detected "evidence of a fundamental break in the level of commodity prices, due to rapid advances in technology and declining costs of production". ...<<< and, at the end of the article, the Exxon/Mobile merger is foretold: >>> ...Another indirect clue to possible long-term price perceptions will be whether the wave of consolidation in the US and European industry continues: "You cannot underestimate the sheer exhaustion that many chief executives feel at having to cope with low oil prices," says one merchant banker. For those companies with extensive exposure to high-cost areas, "the relentless pressure to consolidate" might prove overpowering if the current upward price trend stalls. The threat of a slow death that faced a large chunk of the world's oil industry at the start of the year may have receded. But the depth of the downturn is likely to leave lasting impressions and more than a few scars on the industry. ...<<<

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