Word: glut
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Dates: during 1980-1989
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...worst it's ever been," complained Irwin Effird, 64, who raises mostly grapes on his 2,000-acre spread near Clovis. "I came through the '30s and can remember the problems. But back then the whole country was in the same position, not just farmers." Now there is a glut of domestic raisins and Effird's farm is worth half what it was just three years ago. Pat Ricchioti, 65, a grape and fruit farmer with 3,000 acres near Madera, was also gloomy. "I never thought things would drop this far," he said. "I put away a dollar...
...here come seven new youth movies to glut the glut. Tuff Turf, a gang movie set in Los Angeles, plays like the Beat It video at feature length. Fandango sends five college guys on a West Texas spree. Heaven Help Us has five Roman Catholic schoolboys getting cute in the confessional and decapitating a statue of their school's patron saint. Mischief pairs a wimp and a stud in the small-town '50s. In Tomboy, Betsy Russell is a Flashdance- style mechanic who goes stock-car racing. In Vision Quest, Rocky pins Flashdance on the high school wrestling...
...October by reducing the output quota for its members from 17.5 million bbl. a day to 16 million in hopes that lower supply would mean higher prices. At the time, the group predicted confidently that as soon as oil refiners began building their stockpiles for winter, the global glut would evaporate. But aside from January's arctic blast across Europe and North America, winter temperatures have been moderate in the Northern Hemisphere. Instead of stocking up, oil buyers have waited for prices to fall still further...
...latest run on the pound was triggered primarily by concerns about the future of world oil prices. Because of the current glut in crude, petroleum + prices have been sliding for several months. Britain earns nearly $13 billion from the export of oil, and lower prices would be a serious blow to its economy...
...rushed to India after the accident, even though he knew that he would surely face trouble as soon as he stepped off the airplane. Anderson has been trying to give new momentum to a company that is still reeling from the 1981-82 recession and a worldwide glut of petrochemicals. Annual profits reached a peak of $890 million in 1980, but fell by 91% to $79 million in 1983. The price of Union Carbide's stock had dropped from a peak of 74 in 1983 to 49 before the accident...