Asian Recovery by 2000?
Oil guru Daniel Yergin, author of “The Prize,” the Pulitzer-winning examination of the oil industry, said the ailing Asian economies that helped create the slump “probably already are on a road to recovery, and by the year 2000 we will see a pretty consistent recovery.”
That fairly optimistic prediction, based on a report by Yergin’s firm, Cambridge Energy Research Associates, that was released at the API meeting, noted that economic reform is progressing, particularly in South Korea and Thailand.
“The oil industry was the first major industry outside Asia to suffer the effects of the Asian crisis,” Yergin said. “And the global oil industry would be among the first to respond to firm proof of recovery in Asia.”
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Nancy Rivera Brooks can be contacted by e-mail at nancy.rivera.brooks@latimes.com or by fax at (213) 237-7837.
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