According to Edward J. Sullivan, Chief Economist and Group Vice-President at the Portland Cement Association (PCA), falling oil prices could lead to short-term gains in the US housing market. However, if the downward spiral continues the decline in oil prices could have a negative effect on the country’s construction sector.
Sullivan will discuss the possible impact of the current oil situation on the construction industry at World of Concrete 2015, which will be held in Las Vegas, Nevada, on 2 – 6 February.
Global oil prices have dropped by some 60% since June 2014, when prices hovered around US$110 a barrel. Figures from oil-price.net put Brent crude oil at US$48.16 a barrel on 26 January 2014.
More news and information from the oil and gas industry can be found on World Cement’s sister site energyglobal.com.
Edited from various sources by Louise Fordham
Read the article online at: https://www.worldcement.com/the-americas/27012015/pca-chief-economist-to-oil-price-impact-on-construction-world-of-concrete-218/