A Down Market’s Ripple Effect

These wide-swinging cycles have long characterized oil markets, and the resulting uncertainty has served to discourage some of the big-money, long-term investments in new drilling, more-efficient refining techniques or alternative energy sources that could more easily meet growing demand. Now that prices have pulled back from the $70 range that held for much of the past year, industry watchers are worried that the urgency to invest in new supply may dissipate.

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