Word: costs
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Dates: during 1970-1979
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...amount of electricity. The EER tests show that the industry is indeed capable of producing machines that would meet strict new federal requirements; one of the main features of a more efficient unit is a large set of condensers and evaporator coils. But these machines are relatively bulky and cost more to manufacture than the less energy-efficient ones. Unfortunately for the cause of energy conservation, buyers of air conditioners in the U.S. have so far demonstrated a marked preference for saving now on purchase price even if it means paying more later in higher utility bills...
Even with a slide in output of goods and services, inflation is not likely to wane. The Administration has reckoned that living costs for the year would rise an average of 6.5%. But last week the Government reported that in June consumer prices continued to rise at the high May annual rate-7.4%. The main factor: higher price tags on processed foods such as dairy items and canned goods. Further dimming prospects for price relief, U.S. Steel, the industry leader, unexpectedly announced last week that it would raise prices on structural shapes and tin mill products...
...faced with investment decisions have chosen to emphasize spending on machines and other capital equipment over manpower because capital was always 1) cheaper to use than labor and 2) more productive. But machinery burns energy, and thus the quadrupling of oil prices by OPEC since 1973 has sent the cost of using capital through the roof, while wages have risen much more slowly. Result: profit-minded businessmen have had less incentive to substitute machines for manpower and are hiring more workers than usual...
...With the cost of sending an offspring through college rising more than 70% since 1970, the Government has been willing to come to the rescue when family funds fall short. Now it seems that Uncle Sam has been reviewing his own budget...
...being depleted. Still, the upsurge in drilling suggests that oilmen have a point in maintaining that more reserves can be found-provided the price is right. In the 1950s, when oil and gas prices were relatively high, drilling activity was intense. But then Government imposed tight ceilings on the cost of oil and so-called interstate gas, with the now familiar result: the major oil companies began to import cheaper fuel from the Middle East, and domestic exploration declined. What convinced many oilmen that domestic exploration would again be worthwhile was the explosion in world oil prices and the campaign...