Oil price slump may have ended
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.