Word: glut
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Dates: during 1970-1979
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...seems that the more the oil squeeze tightens, the bigger grows the glut of other fuels that ought to be easing the pinch. First came last winter's natural gas surplus brought on by price decontrol. Now, from West Virginia to Wyoming, miners are burying themselves under millions of tons of stockpiled coal that no one wants...
During the winter, Energy Secretary James Schlesinger began urging oil-fired utilities and factories to convert not to coal but to natural gas. This was to have been only a short-term move to help soak up the gas glut, but it created the misleading impression that coal was not the Administration's favorite fuel after all. Asserts Jim Larson, president of Energy Fuels Corp., Colorado's largest coal producer: "There is a simple lack of leadership. From where I sit, you just have to wonder what in hell is going on back there in Washington." The industry...
...about this time of winter, users of natural gas start worrying about whether they are going to make it through to spring without shortages and cutoffs. This winter is turning out to be different in a quite unexpected way. Instead of looming shortages, the problem now is a projected glut...
...Carter Administration in the welcome but confusing position of having to do an about-face on gas policy. Energy Secretary James Schlesinger still wants industrial and commercial users to switch to coal, which is by far the nation's most plentiful fossil fuel. To help alleviate the gas glut, however, he would also like any user that has already disconnected from gas and shifted to fuel oil to switch back...
Over the past few months, the Chinese approached Gulf Oil and several other U.S. oil majors to discuss possible oil sales, but these firms were not very interested. All were put off by the generally low quality of Chinese crude, the high cost of Pacific shipping and the glut of Alaskan oil on the West Coast. Still, Peking wanted the hard dollars that an oil sale would bring, and the terms of the Coastal States deal were made more attractive than the previous contracts offered to the other companies. The price is believed to be far enough below OPEC levels...