Word: glut
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Dates: during 1980-1989
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Although many people believe that the U.S. is fast becoming a cashless society, it is actually awash in a glut of paper money. In 1980 there was some $600 in cash in the economy for every person in the country, compared with just $162 in 1960. The number of $100 bills increased more than eightfold during that period, and the $100 bill has now replaced the $20 as the denomination with the highest total value in circulation...
...recent world oil glut may be holding down energy costs in the United States, but that doesn't mean Harvard is slowing down its efforts to drastically cut back energy consumption...
With a worldwide oil glut estimated to exceed 5 billion bbl. of crude, OPEC is making its first attempt ever to firm up prices by reducing production. But the 13 members voted to curtail output by only 9.6%, or some...
Saudi Arabia, which produces 40% of OPEC's oil, holds the key to any agreement that would keep prices from plunging still further. The Saudis could dry up the supply glut singlehanded by slicing their output, now at about 7.5 million bbl. per day, to 5 million bbl. But the House of Saud cannot go below 6.2 million bbl. per day without dipping into capital reserves to finance a variety of ambitious construction and industrialization plans. The Saudis are also reluctant to step out on a limb within OPEC. Says Lawrence Goldstein, research director of the Petroleum Industry Research...
...last October. The Saudis have trimmed production to about 7.5 million bbl. daily from a high of 10.5 million last summer, but experts feel that they would have to cut output to 7 million or even 6 million bbl. to dry up the glut and stop the slide in prices. Sheik Zayed Bin Sultan al-Nahayan, President of the United Arab Emirates, reportedly was in Saudi Arabia last week in an at tempt to persuade King Khalid to send a delegation to the OPEC meeting...