Word: glut
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Perhaps the most stunning drop in profits was suffered by the big oil companies. Only two years ago, when petroleum prices were spiraling, the oil giants posted quarterly profit gains of 100% or more Now that the recession and the worldwide oil glut have caused prices to start falling the gusher of petroprofits is over, at least temporarily. Exxon's first-quarter earnings dipped 23%, Mobil's were down 49% and Standard of California's dropped a sharp...
Another Reagan policy that has paid off in lower inflation is the President's decision last January to scrap remaining controls on crude oil and refined-petroleum products. That helped to increase the glut in world oil markets, which caused the drop in world petroleum prices...
...with a fig leaf. Pompidou's daringly exposed ducts and pipes are coyly muted. This federal contribution houses energy exhibits. One possible post-fair use for the pavilion is as a University of Tennessee energy research center. But now that acute energy concerns are drowned in the oil glut, other uses also are under discussion...
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...
Nevertheless, Begin and Israel remain dangerously isolated in the wake of the Sinai cession. Many informed citizens in this country have started to lean tentatively toward the PLO as the seams of Defense Minister Ariel Sharon's West Bank policy shows signs of straining. Without the recent oil glut, pressure on Israel would be greater. Sadat's successor Hosni Mubarak, moreover, has indicated his desire to return to the Arab fold and will likely normalize relations with Iraq by the end of the spring. The diplomatic normalization between Israel and Egypt. Begin's main concession at Camp David has cooled...