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At the beginning of 2001, the oil industry still savored the previous year’s high prices. It was another story for consumers. The ensuing imbalance was particularly evident in the turbulent U.S. gas market, demonstrating just how volatile the energy business can be.
Since then, there has been a long, slow decline in oil prices – until September 11. The terrorist attack on the U.S. triggered a sharp fall in prices and a general slowdown in global consumer product demand. We are now witnessing a depressed world economy that will inevitably impact the E&P industry in 2002.
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