Permanently Higher Oil Price Predicted: Oil prices...

Permanently Higher Oil Price Predicted: Oil prices should drop after the Persian Gulf crisis ends, but probably will remain above what they were before the invasion of Kuwait, a survey of independent oil executives said. Seventy-three percent of the 203 executives responding to the Roper survey said the Gulf crisis will result in a permanent increase in the price of oil. Ninety-seven percent said demand for natural gas will increase because of the steeper oil prices. Thirty-five percent thought the price of oil would stabilize once the crisis ends at $25 a barrel and 30% said $21 to $24 a barrel. The benchmark U.S. crude is now at $33.79.