Word: glut
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Dates: during 1970-1979
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Some experts believe the end of plentiful oil is at hand, while others foresee a possible glut if energy consumption becomes more efficient. Arnold Safer, vice president of the Irving Trust Company, has said, "Projected world oil shortages are analogous to a 'receding horizon'--no matter how rapidly you move toward the horizon, it is still the same distance away." Certainly the world oil supply cannot last forever. But our current problems stem from a lack of surplus capacity that makes us vulnerable to the slightest production cutback by the Organization of Petroleum Exporting Countries (OPEC). The oil companies have...
...outside the U.S. For many years during the 1950s and 1960s, Europeans complained about a "dollar gap." Greenbacks were the only currency that was accepted everywhere, though there were not enough of them around to finance world trade and development. But the dollar gap has since become a dollar glut. Due to heavy foreign spending, first to pay for the Viet Nam War, more recently for oil imports, the U.S. has exported enough dollars in the past decade to boost the reserves held by foreign central banks from $24 billion to $300 billion. Private international banks hold another $600 billion...
Course development could mean projects like Chandler's films, slide shows for art courses, or translations for Foreign Cultures courses. Academic departments normally absorb such costs themselves, but the glut of many new Core courses simultaneously asking for development money makes the capital campaign's allocation essential, Keller says...
While the companies' earnings are indeed up sharply, they seem especially large because the percentages represent comparisons with the first half of 1978 when profits were soft as a result of a worldwide oil glut. But there is no doubt that the companies have reaped a bonanza from the 60% runup in OPEC prices since January. For example, about 30% of U.S.-produced oil is, in effect, uncontrolled When world oil prices go up, the price of this uncontrolled crude rises right along them. But the companies assert that most of their profits come from operations overseas, where...
Heavy demand for coal would wipe out the present glut of the fuel and help lift production from its current level of only about 650 million tons last year to the 1.2 billion-ton 1985 goal that Carter set for the industry in his first energy address two years ago. In the semiarid reaches of the intermountain West, where treasure troves of coal lie almost on the surface just waiting to be scraped up and hauled away, whole new towns would have to be built to house the workers employed at mines and synfuel plants. Residents of the region regard...