Word: cutback
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Dates: during 1970-1979
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...that the gas shortage had been contrived by the oil companies. Nonetheless, a probe was being pursued by the Federal Trade Commission because statistics showed that gasoline production may have fallen more sharply than warranted. Said Alfred Dougherty Jr., the FTC's Bureau of Competition director: "If this cutback in the production of refined products was not justified by a scarcity of crude oil or other legitimate business reasons, the current gasoline shortage may be contrived." Admitted FTC Investigator Ronald Rowe: "Right now, we have a lot more questions than we have answers...
...Washington against nuclear power and the mishap at Three Mile Isle last month. The author's model for determining the rate of power plant construction pits the pro-nuclear lobby against the "ecology" lobby and predicts that at a certain point a nuclear disaster will cause a catastrophic cutback in construction...
People accept and admire the technical expertise of oilmen; it is the business side of the industry that they suspect. They fail to understand why prices keep going up, especially when the announcement of an OPEC production cutback or an increase in the cost of oil that is a month or more away by sea from the U.S. seems almost immediately to send the price of gasoline leaping at the pump...
...hoping to profit from China's opening to the West: Don't push industrialization too fast. Japanese companies suddenly found themselves prevented from fulfilling 30 contracts worth $2.1 billion for plants and machinery, as Peking appeared to have second thoughts about its massive Four Modernizations campaign. The cutback also hit American corporations. U.S. Steel and Bethlehem Steel, both of which were on the verge of closing multimillion dollar deals for the sale of equipment to develop iron ore mines, were told by Chinese officials that the agreements would have to be deferred until further notice. Plans for Inter...
...surplus of natural gas to fuel industrial plants and utilities. Coal-powered electricity plants in the Midwest could export surplus electricity to the East and replace imported oil. One of our greatest errors was not to build up our strategic oil reserves. Had we done so, the Iranian cutback would have had less of an impact. We should move full speed ahead with the reserve plan now because there will be another crisis some time down the road...