| Show 12 F The Salt Lake Tribune Sunday March 27 1388 your cake Experts: Oil Price Will Stay Below $30 Through 2000 By Jeff Franks Reuter News Agency ) NEW ORLEANS — Oil prices may remain below $30 a barrel through tfie year 2000 because of stead or increasing oil production by both CtPEC and nations an energy analyst said jThe potential for a recession-inspiredrop in demand among nations and increasing substitution of alternative fuels may eV en trigger temporary drops in the price of oil said Charles Ebinger of 1’utnam Hayes and Bartlett Inc He said US crude oil prices — currently at about $17 a barrel — ifiay still be around $25 to $27 by the year 2000 The estimate was based un the value of the dollar in 1986 so will not take into account the effect of inflation ‘ Another oil analyst Robert Spears of Spears and Associates predicted an average price of $29 a barrel by 1993 His less optimistic forecast was based on the belief that il output will soon fall Both analysts made their comments at a conference held here this $eek hosted by investment banker Howard Weil Labouisse Frederichs (nc Ebinger said the biggest factors that would keep world oil prices from escalating sharply are increased oil output by producers and a lack of OPEC discipline to adhere to its own production quotas Total worldwide oil reserves peanwhile instead of1 decreasing to be 27 per-few ere reported on Jan higher than a year earlier at 88735 billion barrels Ebinger said OPEC's reserves rose by 165 billion barrels in 1987 more than offsetting a net decline in the rest of the world he said non-OPE- d 1 non-OPE- non-OPE- dx ic coo “Contrary to popular perceptions 1 production has not non-OPE- j peaked” he added Unless oil prices collapse and act nato curb production tions could increase output by 12 million barrels per day (bpd) by 1991 adding to those countries' current output of 225 million bpd Ebinger said At the same time demand in Western Europe and Japan is expected to be static or decline because of increasing use of other fuels he said When those supply and demand factors are combined with OPEC members' need to maintain revenues by selling oil the world oil market will most likely remain saturated Ebinger said Spears limited his forecast to the s a period he said when oil prices should stabilize While OPEC production remains strong and possibly increases oil output should decline he said He predicted a fall in production at oil fields on the United States’ Alaskan North Slope in Britain’s North Sea and in Mexico Spears said he believes that OPEC producers along the Mideast Gulf will soon settle their differences and may then decide that their best strategy is to drive prices down to put producers out of business producers would then have to determine whether to step in and rescue their domestic oil industries — something Spears believes the United States would almost certainly do "If the price goes down to $12 and looks like it is going to stay there a while the (US) government would act to put a floor under the price which would have the effect of driving up prices around the world” Spears said non-OPE- mid-1990- non-OPE- C non-OPE- Non-OPE- Smaller Crop Higher Demand Propel Hay Prices Up 12 By Don Kendall Associated Press Writer WASHINGTON — Hay prices nationally have been averaging around 12 percent higher than a year ago reflecting a smaller 1987 crop and some increase in demand The Agriculture Department in January revised 1987 hay output downward to 1491 million tons from last October's preliminary forecast of 153 7 million tons A new report by the department's Economic Research Service says that the U S hay area turned out to be about 500 000 acres larger than estimated in October but that the yield was reduced by 4 percent to 2 46 tons per acre The 1987 hay crop was 6 4 million tons smaller than the record of 1 55 5 million tons produced in 1986 "Alfalfa and alfalfa mixture hay production turned out to be 84 6 million tons down 7 million tons from 1986 and all other hay production of 64 6 million tons was 600000 tons above the previous year's 64 million” the report said According to USDA production figures for 1987 California was the state with more than leading 9 million tons followed by Wisconsin 8 88 million: Minnesota 7 8 mil I all-ha- v lion: South Dakota Iowa 6 93 million 709 million: and Last May 1 at the start of the 1987-8hay crop season the inventory on hand was estimated at 32 4 million tons the most since 1980 Adding the 1987 crop that made a total hay supply of 181 5 million tons for the marketing year that runs through April 30 slightly less than the 1986-8supply of 1822 million tons The hay stockpile on Dec 1 was reported at 1197 million tons meaning that 61 8 million tons had been consumed during the seven months since May 1 In the same period a year earlier hay consumption was 60 5 million tons the report said Hay prices paid by farmers and ranchers averaged $64 60 per ton period dunng the up $474 per ton from a year earlier In December and January of this year prices averaged $6375 per ton up $7 65 from a year earlier According to USDA estimates the value of hay production in 1987 based on market prices was more than $9 1 billion ranking the crop third among all U S farm commodities Only corn at $12 2 billion and soybeans $104 billion were valued higher 8 7 T I - DESERET FEDERAL SAVINGS AND LOAN ASSOCIATION FSLICi E 64 SOUTH MAIN STREET SALT LAKE CITY UTAH 84144 — — HW- - - W n j V f i ’ 1 r n I e 1 ‘t i” r f I i ‘i1 II i r i - 1 4 1 T v 1 i I: ? V f f I I i 1 f n loor Show: 1942 to iimmerfi(Id condominium Iiomco fed more like a Borne titan a condominium Part of the reason i the dze - a- - much a 29 1 1 finished square feet of Iuxurx living area With 10 much room tour fine fumihing and collectable will find a home at Nimmerficld too When ton add in all the luxury extra: circular taireae three fire 2911 Finished Square Feet waterscape patio and halcom twin mater uite up to three and one-hahath and double garage toil reallt hate something to diow for tour( If place lf io'i niMoi vr i oh o M (sn: RMO V (ROl r !' - j 0m ') 2 too Dfcomlid (Kilf ! Iindu On La-- Uli wnUml 3900 mih I OjK ii tt 272-887- Dmh J 6 nm to or $7-668- 8 r 583-101- 272-887- 0 )ui-- L 6 |
