Editorial: Oil's rock and hard place

10/29/2001
There's one sure way out of squeezes between proverbial rocks and hard places-such as a staffing dilemma now confronting the oil and gas industry. The rock is today's market collapse. The hard place is tomorrow's market growth.The market sagged from gloomy to gloomier after terrorist attacks in the US chilled economic activity and froze air travel. Growth was sputtering before the attacks. Now it has all but vanished. Since the year's start, when projections for annual worldwide demand growth were 20 times current levels, the price of crude has fallen by $10/bbl, the price of natural gas by $5/Mcf.The industry has ridden through slumps before. In fact, slumps happen with i...
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