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Page added on October 30, 2008

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Oil-Price Rebound Could Be Severe

The slump in oil prices has spread relief among consumers and fuel-reliant industries, but also is squeezing the companies who could invest in new sources of oil — spurring concerns that prices will prompt them to shelve investments.

Industry executives warn that could mean the world will face a dramatic ramping up of prices as soon as the global economy, and demand, begins to rebound.

“Low oil prices are very dangerous for the world economy,” said Mohamed Bin Dhaen Al Hamli, the United Arab Emirates’ energy minister, speaking Tuesday at an oil-industry conference in London. “We need an adequate and reasonable oil price that will continue to stimulate investment.” With prices now languishing, he said, “a lot of projects that are in the pipeline are going to be reassessed.”


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