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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Alex MG who wrote (6415)	11/17/2001 4:22:13 PM
From: Alex MG	Respond to of 99280

On the bullish side... As Sung Won Sohn, chief economist for Wells Fargo & Co. in Minneapolis, said Thursday, “This [plunge in oil prices] is much bigger for the economy even than the $100 billion stimulus package that Congress is talking about. Assuming that the price of crude oil stayed at $20 a barrel [down from $38 a few months ago] for a 12-month period, this would provide $150 billion of additional purchasing power to the economy.” OPEC ministers said on Friday that oil prices could fall toward $10 a barrel, and will do so if enduring such a price drop is the only way to convince non-OPEC countries to co-operate with OPEC in cutting production. That’s not only good news for airlines and truckers, where fuel costs are a big expense factor, but for manufacturers of products from asphalt and tires to plastics, which contain large amounts of crude oil distillates, as well as for consumers, since analysts think gasoline prices in the U.S. could soon be back under $1 a gallon for the first time in two years. Where I live reg gasoline is now $1.11