Word: demanding
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Dates: during 1950-1959
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...first rule for any growing economy, said President Allen, is a stable overall price structure based on supply and demand. "If prices are free to reflect changes in consumer demand, increases in some items will be offset by decreases in others. Few people seriously doubt that price stability is essential to economic growth. Yet there are those who infer that there is no connection between the two. One does not exist for long without the other. It is like asking whether the mother or the father is preferable in creating a family...
...repealing the principles of economic behavior in a private-enterprise economy. It rejects the essential readjusting mechanism, flexible pricing, which can contribute so much to sustained high levels of employment and output. It ignores-but, you may be sure, it does not repeal-the law of supply and demand...
...Canada's oil, are at a new low of 271,958 bbl. daily. Only in the Middle East is production still climbing; even there economists fear that oil companies out for quick profits, and Arab rulers anxious for heavier royalties from the wells are pushing production far beyond demand. As one Canadian oilman says, "There are simply not enough markets...
...problem is a classic case of too big a supply for too small a demand. During the Suez crisis, oil producers outside the Middle East expanded by leaps and bounds to supply Europe with oil. When Suez was over, they failed to cut back rapidly enough, were caught with overproduction in the face of markets that did not grow as fast as expected. In Europe, the Middle East's biggest oil market, oil consumption will climb only 4% or 5% this year instead of the forecast 6½%. At home, the U.S. recession will cut the increase...
Oilmen, who are legitimately optimistic, feel that the glut will eventually solve itself in both U.S. and world markets. Oil demand in the U.S. alone is expected to rise from about 8.5 million to 14.3 million bbl. daily by 1966; the same men compute free-world demand by then at 28.5 million bbl. daily. In 20 years, says William L. Naylor, senior vice president of Gulf Oil Co., the demand for petroleum should increase at least 80%, and perhaps as much as 100%. Yet before oilmen can enjoy this long-term prosperity, they must first solve their short-term problems...