‘93/’94 Year-End Review and Outlook : Industry Outlook : Continuing low-grade growth in the national economy, coupled with hopes for stability--if not expansion--in California, is the backdrop for the year in business. Here is an assessment of key industries’ prospects.

OIL: As oil prices continue to slump, major U.S. oil firms likely will revise capital spending plans downward, with the oil hunt focused overseas. Independent producers will struggle to afford domestic oil exploration. Consumers will benefit from lower prices.