Word: cutback
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Reason for the planned cutback, according to Prime Minister Pierre Trudeau: Canada's tar-sands oil reserve probably totals around 500 billion bbl., equal to that of the Middle Eastern nations but contained in sands deep beneath the Alberta soil and thus far too expensive to tap. Canada cannot even take full advantage of all the oil that it is now pumping; a cross-country pipeline goes eastward from Alberta and Saskatchewan only to Toronto. Thus, while Canada exports some of its western production to the U.S., it is forced to rely on imports to supply its eastern provinces...
Metal traders were skeptical that CIPEC could drive up prices. They questioned the effectiveness of a cutback in shipments without a reduction in production. Almost in response, the Chilean government announced that it would close down the Exotica Mine for six months; the mine, one of Chile's largest, last year produced about 32,000 tons, or only 4% of Chile's copper exports. That should certainly not be enough to kick up prices-unless more member countries also close their mines...
...business from the U.S., the OPEC states would have even more surplus capacity on their hands. The cartel is already reducing production; to maintain high prices in the midst of significant U.S. conservation, OPEC would have to cut further. Only the sparsely populated Arab nations could afford such a cutback. At some point, several OPEC members would probably lower prices-nobody dares speculate by how much-thereby taking at least a modest step toward normal market conditions. And the U.S. would have taken a long step toward coping with an onrushing era of raw-material scarcity...
...undergraduate Houses and dormitories this year face up to a 15 per cent deficit on their $5.5 million budget that may lead to an increase in student rent charges and a cutback in housing services...
...Chancellor of the Exchequer Denis Healey, after returning to London, added that Americans should be made to tighten their belts more than others because they "waste" so much energy. The U.S. so far has balked at the British and German arguments, probably because the American officials fear what a cutback would do to an already weakened economy. Congress would also raise a furor over really strict conservation measures...