Word: gluts
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Dates: during 1980-1989
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...last week with a long list of things going against them: plunging oil prices, oversupplies, excessive production, drooping consumption, world recession with fears of depression. Even Humorist Art Buchwald was having fun with OPEC's woes. The columnist "quotes" a man from Qatar as saying: "Since the oil glut we've had to cancel four palaces, and make do with three used 747s for our sheiks...
Americans did not have to do it. The law of supply and demand was doing everything for them. A growing glut of world oil supplies was driving down the cost of crude and the price of gasoline. Robert O. Anderson, chairman of Atlantic Richfield, told a group of TIME editors last week: "The drop in the past two months is the largest drop in the history of oil prices. We really have a moment in the industry that is without parallel...
...Libya be cut off. The action was now seen as feasible for two reasons: 1) after repeated State Department warnings, the number of Americans in Lib ya, mainly with oil companies, has been cut to fewer than 400, and those apparently refuse to leave; 2) the current oil glut makes it easier for the U.S. to replace the 120,000 bbl. per day (2% of U.S. oil imports) it has been buying from Libya and might make it more difficult for Libya to sell that amount ( 1 3 % of its oil exports) elsewhere...
...makes the oldest sister the most moving character in the film. Her tough, intense performance creates a girl almost too savvy and outspoken for a real 13-year-old, yet always believable. Recast from her point of view, the film could have added something truly new to the present glut of divorce movies. But instead we get more of the familialy familiar, watching from an adult's-eye view as both the husband and the wife take up with lovers who are deeply flawed as their shallowness will permit...
Experts also fear that a leveling of oil prices could lead to complacency about the worldwide energy situation. Says James Tanner, editor of Petroleum Information International, a weekly energy newsletter: "The current situation reminds me all too much of 1977 and 1978, when another glut lulled the world into thinking that the energy crisis was behind...