Word: cutback
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...exporting nations outside the Arab bloc, the move was pure serendipity. Almost overnight, as global shortages reached crisis proportions, the value of their oil deposits began to zoom. Yet the oil producers have resisted the temptation to try to pump fast enough to make up for the Arab cutback. Instead, they have cannily held output to roughly ordinary levels while sharply scaling up prices. That strategy is resulting in a kind of forced, massive transfer of wealth from the rich oil-burning countries that may spur economic growth in the mainly underdeveloped producing nations more than formal foreign aid ever...
...size of the petroleum shortfall the U.S. will undergo this winter. Official projections of a 3.4 million-bbl.-a-day gap in the first three months of 1974 are based on so-called worst-case assumptions. These include a steady climb in demand, a cold winter and a cutback in Canadian oil exports to the U.S. So far, energy experts note, none of these dire fears have actually come true. In addition, gasless Sundays and other conservation measures outlined by the President two weeks ago could cut deeply into fuel consumption. These measures, coupled with an encouraging shift from...
...MIDDLE EAST AND OIL. Far more hurt by the Arab oil cutback than the U.S., the Europeans are outraged that no European country has been invited to the Geneva peace conference. The British and the French are particularly frustrated. Britain once considered the Middle East almost its own; France, since Charles de Gaulle, has been consistently pro-Arab. Both countries nonetheless find themselves now suffering from the oil shortages...
Steiner said the Council has not yet decided whether to move the spring recess back from April to March and to take a week break in February. "Those changes will be discussed at the next meeting on January 15, when the cutback levels will be clearer. We know that we have to let students and employees know as soon as possible," he said...
...fall 11% below a year ago because of climbing gas prices and fear of worsening shortages. General Motors is going ahead with plans to temporarily close 16 plants and lay off 105,000 workers, despite pleas last week from the United Auto Workers that it at least delay the cutback until after Christmas. Chrysler Corp. followed suit, ordering brief shutdowns of ten North American assembly plants that will idle 44,000 workers...