Oil prices enter a new era of increased volatility

02/12/2001
In theory, price volatility should be relatively unimportant to the oil industry. In reality, it represents a challenge the industry has had a difficult time meeting.When the price of oil collapsed in 1998, not only did few forecasters predict it-or correctly anticipate the subsequent recovery-but many prominent analysts expected prices to remain low for years.The industry's reputation for boom and bust hiring and firing was reinforced (negatively) by its behavior 2 years ago, when thousands were laid off.Now, of course, the industry is struggling to find crews and rigs and must pay exorbitant prices to attract them, as all too many reject the wages offered, expecting yet another roun...
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