Word: glut
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...traced to fuel conservation and a relatively mild winter. But the chief reason for collapsing oil demand is that most industrial nations are in the midst of recession-a situation that OPEC's high prices helped create. To maintain their prices in the face of the oil glut, OPEC members have been forced to reduce production substantially from 1974's average 33 million bbl. per day. In the past couple of months, daily production has declined by 3 million to 5 million...
...which is the principal currency for payment of oil. When the dollar's value depreciates, the oil states have to spend more for their imports from Europe and Japan. Cartel members will meet in Vienna this week, and the problems of inflation, the weakening dollar and the oil glut are certain to be high on their agenda...
...recent months the auto industry has been jolted by one of the worst sales collapses in its history. Falling production has idled one-fourth of its work force and led to a glut of 1.6 million unsold cars. To get sales rolling again, the industry is now taking two expensive gambles. By the end of this month it will have spent millions in a program of cash rebates - ranging from $200 to $600 on selected models - designed to lure reluctant buyers. For the longer term, Detroit is committing billions to an overdue drive aimed at developing and producing whole...
...market in October and continued down slightly thereafter; in December they held 45.3% of the market. Ironically, the price spread between the basic full-size cars and the gussied-up small ones narrowed enough to stimulate some sales of bigger models. So the automakers, who had a glut of big cars during the energy crisis, have now wound up with an oversupply of small cars...
...Deal. Generally, the price cuts are focused on the industry's glut of small cars. Typically, models carrying a list price of about $3,000 bring a $200 rebate, and those costing $4,000 or more a refund of up to $600. Under the GM plan, customers will get a rebate of $200 on compacts and subcompacts, including Chevrolet's Vega and Oldsmobile's Omega. Buyers of Chevrolet's sporty new Monza 2 + 2, or Buick's Skyhawk will receive $500. Ford is offering $200 on small economy cars such as the Pinto...