Word: glutted
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...fiscal 1983 budget of $496 million was adopted, when Governor Fob James realized that the declining state economy and a 14% unemployment rate had opened a $50 million hole in the budget. Even Louisiana, long buoyed by oil and gas taxes, has that sinking feeling. Reason: the oil glut has depressed prices, and thus tax revenues. Fearing that its $6.3 billion budget could be $100 million out of balance by the end of the fiscal year next July, the state has frozen hiring, is deferring maintenance on state buildings and has canceled $500,000 in new equipment orders. Now state...
...Grain Glut...
...Government should buy up most of the surplus grain and convert it into alcohol for gasohol. This would sop up the grain glut...
Last week's heavy bidding was even more noteworthy in view of the current worldwide glut of oil that has driven down prices for gasoline and other petroleum products. The oil companies, nevertheless, were looking ahead to the time when the surplus ends and prices once again rise. A report published last week by the Paris-based International Energy Agency also looked to higher prices in the future. The organization's experts predict that oil prices will continue to decrease in real terms this year and next, but will begin to rise after 1985, when supplies dwindle...
...more exploration under way for new petroleum than at any time in history and an orderly plan for eliminating unnecessary federal restraints. The rate of growth of domestic coal production doubled, and oil imports and even total consumption dropped rapidly. A substantial portion of the succeeding oil glut was caused by the worldwide shift to more efficient uses of energy and emphasis on fuels other than...