The US Department of Commerce says the oil and gas field machinery sector will be one of the fastest-growing areas of the US economy this year.
DOC said oil machinery shipments will jump 9.1% in 2000, rebounding from a 28% drop caused by the 1998-99 oil price collapse. Exports are expected to recover 10%.
In a report, the department said, �Sustained world market prices for petroleum products are bringing about a recovery in demand for upstream oil and gas equipment.�
It predicted average growth of 3%/year for the sector over the 2000-05 period.
Commerce Sec. William Daley said the US economy will continue its record expansion through 2000. Commerce released a report on economic growth, the US Industry & Trade Outlook 2000, on May 2 in Washington, DC.
Daly said, �More than 75% of the manufacturing industries and all the major service sectors are expected to grow in 2000 and beyond.�
