Oil Glut Oil Glut
Danger…. Oil Glut Looms
Los Angeles Times
Sunday, May 16, 1982
Noting:
Oil Glut
the Depressed Real Estate Market
Airline Bankruptcy
I ran across this newspaper piece while cleaning out my office the other day. Notice that in 1982 the:
“Oil Glut, Recession Prove Even California’s Top Firms Are Vulnerable”
The article by Paul Richter says:
“California’s largest industrial companies, which have proven durable in some past recessions, found 1981 a trying year as the U.S. economic slowdown increasingly took hold on the West Coast and world overproduction depressed the states all-important oil industry.” …. “The Times Roster of the state’s 100 largest publicly traded industrial firms shows an abrupt reversal in the fortunes of the states five giant oil companies which stood out from the pack in 1980 with their seam-bursting growth.”
“in addition, the annual roster’s 1981 revenue and income figures for the leading California companies show the effects of a languishing real estate market….”
on the same page the times commented directly on the Real estate problem in an article
titled:
Making Money Work Time Is Ripe for Real Estate Bargain Hunters By Doris A. Byron
“One mans misfortune can be another’s windfall, and the current depressed real estate market is a graphic case in point.”
“With home sales at a near-standstill and the prices of many houses declining, bargain-hunters have their best chance in years to round up real estate at below-market prices.”
“It”s definitely a buyer’s market,” says Alan Crittenden, a real estate industry analyst who publishes the weekly Crittenden Report on real estate trends. “The bargains run the gamut from ordinary tract homes to big ticket office buildings, but the key in most good buys are cash, quickness and tenacity, say the experts.”
….
Eerie if a bit backwards on the oil thing. So do we now have to worry about over correcting and throwing ourselves into a recession by once more getting more oil than we need.
Oh, the final article, number three of three laments the “bankruptcy filing last week “ of Braniff Airways’s which “was generally seen as good news for the nations surviving airlines, which no longer have to contend with the fare-cutting competitor.”
Just odd