Oil price slump may have ended
Manama, Bahrain — Is the oil price slide over? Yes, said Saudi Arabian Oil Minister Ahmad Zaki Yamani, who credited last month's agreement by the Organization of Petroleum Exporting Countries to cut oil prices $5 a barrel. An OPEC watchdog committee reported all members were abiding by the pricing and production agreement.
Yes, said oil industry analyst Dan Lundberg - at least for the moment. He predicts gasoline prices will rise at the pump because of the trend toward a balance between supply and demand. Also, retail dealers lost profits when the 5 -cent-a-gallon gasoline tax went into effect April 1 and would have to make up losses, the weekly Lundberg Letter said.