Word: glut
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Dates: during 1970-1979
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...these skirmishes were part of what Europeans call the Great Franco-Italian Wine War. The casus belli is a glut of gros rouge, the rough red wine that is the lifeblood of most Mediterraneans and a mainstay of France and Italy's agricultural economy. A bumper harvest last year helped to create a Common Market surplus of 2.6 billion gal. At the same time, French consumers have been cutting back at the rate of one bottle a head; consumption dropped from a total of 1.3 billion gal. in 1973 to a mere 1.2 billion in 1974. Complains one French...
Onassis was also willing to take risks. During the Depression he bought merchant ships at rock-bottom prices, even though there was a world glut of cargo capacity. In World War II, those aging vessels earned him huge profits by carrying supplies for the Allies. Later he pioneered the supertanker, building a fleet of at least 50 oil carriers...
...traced to fuel conservation and a relatively mild winter. But the chief reason for collapsing oil demand is that most industrial nations are in the midst of recession-a situation that OPEC's high prices helped create. To maintain their prices in the face of the oil glut, OPEC members have been forced to reduce production substantially from 1974's average 33 million bbl. per day. In the past couple of months, daily production has declined by 3 million to 5 million...
...which is the principal currency for payment of oil. When the dollar's value depreciates, the oil states have to spend more for their imports from Europe and Japan. Cartel members will meet in Vienna this week, and the problems of inflation, the weakening dollar and the oil glut are certain to be high on their agenda...
...market in October and continued down slightly thereafter; in December they held 45.3% of the market. Ironically, the price spread between the basic full-size cars and the gussied-up small ones narrowed enough to stimulate some sales of bigger models. So the automakers, who had a glut of big cars during the energy crisis, have now wound up with an oversupply of small cars...