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1996-97: REVIEW AND OUTLOOK

INDUSTRY-BY-INDUSTRY OUTLOOK : The Year in Preview

December 29, 1996|CHRIS KRAUL

California came several years late to the nation's economic recovery party, but the state should be celebrating all through 1997.

Here is what key industries will be up to:

ENERGY: Oil and gasoline prices should decline as Iraqi crude makes its way to the world market in a U.N.-brokered oil-for-food deal. However, California's gasoline prices remain vulnerable to short-term price spikes because refineries are operating at near capacity: Breakdowns, unscheduled maintenance and fires will cause prices to rise at the pump. Atlantic Richfield, Unocal and Chevron will continue to shift oil exploration resources to huge untapped reserves, booming markets and tricky politics of Asia and former Soviet Union countries and away from the environmental restrictions at home.

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