Word: chandross
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...does not, experts like Robert Chandross, chief economist at Lloyds Bank in Manhattan, warn that prices could drop below $10 per bbl. and remain at that level for the next six months. That would mean a repeat by next spring of the oil-market collapse of early 1986, when OPEC overproduction sent prices crashing to less than $10 per bbl. While cheap energy helps most Western economies by lowering inflation, petroleum at prices below $10 or $12 per bbl. is a painful prospect for such indebted oil producers as Algeria and Mexico and the weakened U.S. energy belt...
...Americans last week, nearly two out of three (64%) say a major economic downturn is very or somewhat likely in the next twelve months. "Since about 19% of total retail sales occur during November and December, the plunge could not have come at a more inopportune time," says Robert Chandross, chief economist of Lloyds Bank in Manhattan...
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