Word: glut
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Dates: during 1980-1989
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...ease a nationwide milk glut, the U.S. Department of Agriculture intends to start paying dairy farmers to sell their herds for export or slaughter and get out of the business. The USDA incentive: up to $22.50 in lieu of each 100 lbs. of milk that the farmer normally would have produced over one year. But to participate in the program, dairymen must brand every cow with a 3-in. X on the right jaw. Reason: without such markings, cows that were supposedly slaughtered or exported could be surreptitiously sold to other U.S. farmers ; and keep on producing milk...
...stayed inside their OPEC quota of 4.3 million bbl. a day, they could not help creating a huge surplus that angered many of their colleagues in OPEC, notably, the Libyans, Algerians and Iranians. Yamani, defending his country's action, has blamed non-OPEC producer Britain for contributing to the glut and has called on London to cut output. Britain stoutly refuses...
...ministers of OPEC, along with delegates from five other producing countries, met late last month in Geneva in an attempt to patch together an agreement for sopping up the glut. The nine-day marathon session degenerated into what one delegate called "a state of unprecedented disarray." Even the meeting quarters seemed a mockery of the group's onetime ability to intimidate the industrial powers. Because most of the Hotel Inter-Continental was already booked, the ministers had to cram into a tiny conference room for their meeting...
Shultz made the statement at a Washington lunch for Israel's Peres, whose warnings of increased instability in the Middle East are taken seriously in the capital. On the one hand, Israeli officials say their country has been strengthened diplomatically by the oil glut. The declining petropower of the Arab countries has emboldened many Third World oil-using nations to renew contacts with Israel broken off during the 1974 oil crisis. But closer to home, some Israeli officials see increased potential for an attack by Syria, which has fallen on hard times partly because beleaguered Iran...
Think of poor Jimmy Carter, the second oil shock. What happens? He gets inflation. Reagan gets the oil glut followed by the collapse of oil prices...