Word: glut
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Dates: during 1980-1989
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...drug glut slashes prices
...coke glut could last until late 1984, and possibly into 1985. High-grade coke started flooding South Florida last spring, after illegal Colombian coca plantations seeded four years ago started bringing in four crops annually, double those produced in Peru and Bolivia, where coca is grown legally. Colombian smuggling groups anticipated the record crop by upping the refining capacities of their labs. "They've overproduced, like General Motors turning out too many Chevrolets," says Nehrbass. Coke's wholesale price in Colombia has fallen from $22,000 to $9,000 in the past year. To reduce inventories, drug wholesalers...
...continued to buy oil from Iran at a time when Washington had requested that they stop purchases because of the 1979-80 hostage crisis. And they were among the first to start buying again after the hostages were released. More recently, the Japanese have been playing the world oil glut to their advantage in dealing with Iran. Several Japanese trading houses in May struck deals with the Iranians to get oil at 200 to 500 below OPEC's official price...
...corn, may dwindle from 3.4 billion bu. to 2 billion bu. by the end of the year, a reduction of about 40%. Rice stocks are expected to be cut by almost half, from 68.2 million cwt. (hundredweight) to 36.3 million cwt. "Without PIK, we would have had a market glut like we've never seen," says Agricultural Economist Barry Flinchbaugh of Kansas State University. "It would have been a hell of a mess...
...once put it, "We aim to deal with the U.S. according to our program of energy." In 1978, while he was running Pemex, Mexico abruptly canceled a natural gas sale after the U.S. refused to meet the Pemex price. In June 1981, after the worldwide oil glut had forced Mexico to lower its export price, Díaz Serrano suddenly resigned from his Pemex post after his enemies charged that he had not cleared the price cut with Lopez Portillo...