Word: glut
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Dates: during 1960-1969
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...basis of the new crop reports, the next Secretary of Agriculture would have to abandon Benson's assumption that lower federal price supports automatically lead to smaller crops and thereby get rid of gluts. When Congress let Benson test that assumption on corn last year-trimming the support price and abolishing the acreage controls-farmers expanded corn acreage by 15%. They harvested the biggest, most glutting corn crop in U.S. history. Farmers have again put just as much acreage into corn, and another corn glut is in pros pect...
...keep the world oil glut from getting any worse, the Texas Railroad Commission-overseer of one-third of the U.S. output-rigidly limits the production of regular (i.e., primary-recovery) wells. But as part of its long-range campaign to spur oilmen to go after oil otherwise left behind, the commission grants unlimited production of secondary-recovery wells. These are wells in fields where the underground pressure that normally drives up the oil is exhausted and the oil can be brought up only by other means...
...sure how long the industry can hold the price line in the face of the glut and the ambitions of the independents. One veteran Mideast oilman predicts: "Within two years there will either be a cut in production or a big break in prices...
Price Cuts? With plenty of competition and the worldwide glut in oil, why doesn't the price of gas and oil drop? The answer lies in the clubby nature of the oil industry. The majors simply do not believe in price cutting - which directly slashes their profits - and make common cause in avoiding it whenever possible. Their philosophy is that if one company cuts prices broadly, all will have to follow - and no one will end up with a competitive advantage. Says Loudon: "You can't build your share of the market with price cutting...
...produces the world's most costly oil - pressured the Government to impose import quotas to protect them from cheaper foreign oil. Such regulatory groups as the Texas Railroad Commission make a concerted effort to prevent flooded markets by limiting production (a method that has prevented any real oil glut in the U.S.), thus in effect helping to keep up prices. The foreign oil-producing nations frown on price cuts, which nip at oil profits. Venezuela recently stopped three U.S. independents from selling Lake Maracaibo crude at $1.50 to $2 per bbl. when the posted price...