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...
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