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The Price of Oil & The Restaurant Industry

Joe H

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Above is the link to an article from Reuters which includes the lead paragraph:

"NEW YORK (Reuters) - More than two dozen restaurant stocks hit 52-week lows on Thursday in a broad sell-off as high interest rates and gas prices and other economic worries have cut into consumers' dining-out habits."

This is particularly distressing in the light of restaurant openings and development throughout the U. S. Black's in Bethesda, Basin's on Church in Vienna, Ray's in Silver Spring, Michel Richard's new restaurant on Pennsylvania Avenue and countless others face stiff economic challenges in the face of escalating oil prices. Major investments, financial and emotional, could be threatened over the coming months as consumers find that discretionary dollars may be at a premium. I urge everyone on this board, if at all possible, to visit the restaurants you care about. This is a time to show support and faith by dining out as frequently as possible. From Moby Dick to Maestro we need to insure that our industry continues to grow. I would also urge those reading this to patronize local and chef owned businesses which, as the article notes, may particularly suffer as consumers "trade down."

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The price of gas will affect destination restaurants like Black's, Ray's, and Michel Richard's very little or not at all.

If a couple of Cheesecake Factories and PF Changs bite the dust, I say good riddance to bad rubbish. Maybe a flower will spring up once the weeds have been cleared away.

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