Word: glut
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Dates: during 1960-1969
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Today the world not only runs on oil, but has so much that it is practically floating in it; so great is the glut that the world has oil reserves enough for 40 years at present consumption rates, even if no more fields are found. Yet never before has the Group - and all the other giants in the industry - searched so widely...
...onto a new corn program that abolished all production controls on corn in return for a modest reduction in the support price. Benson hoped that the lower support price would lead to a smaller crop; instead, farmers increased their corn acreage by a whacking 15%, harvested the biggest, most glutting corn crop in U.S. history. And by last week's new estimates showed a slight increase in 1960 corn acreage rather than the decrease that Benson had fervently hoped for. Barring something about as probable as a midsummer frost in the Midwest, the U.S. faces another corn glut this...
...producers throughout the Arab world heard of the Japanese strike with some dismay. New oil discoveries have already helped saturate the market, threaten to drive petroleum prices down. In spite of the glut, the search for new fields gallops along in the Mideast and North
...fields close to Europe, plus new finds such as those of the Japanese, have caused some rulers of the older oil-rich countries to wonder just how much more of a squeeze they can put on the oil producers. With the world glut, and the new fields, they are beginning to realize that it is not enough just to have oil; they must also sell it, a job that gets harder with each new discovery...