VOL. XXXV

NO. 25

23-MARCH-1992

$19/B Oil Is Not An Aberration - It's A Return To The Norm

by Paul D. Mlotok

The following is the text of a recent paper by Mr. Paul D. Mlotok, Principaland Oil Industry Analyst with Morgan Stanley, New York.

Oil prices have recently declined to $18-19/B, well below the average forrecent years in real terms. This could be viewed as a deviation from the normthat will soon be corrected. Or, as I believe, it can be seen as the beginningof a return to the long-term norm...