Word: glutted
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...major factor in Texas' new economic blues has been depression in the energy industry. A worldwide glut of crude has brought a sharp drop in oil prices, killing incentives to drill new wells. The number of active drilling rigs in the state has dropped 40% since December, and refineries and petrochemical plants in the state's eastern counties have been operating at about 70% capacity for at least a year. In the Houston bankruptcy court, 98 energy-related companies have filed for Chapter 11 protection so far this year...
...says. "I don't want us to lose it." A new shock from the oil sheiks of the Middle East may also change the terms of alternative energy's economic equation. Says John Shupe of the Hawaii Natural Energy Institute: "We have gone through an oil glut. The next shoe that is dropped in the Middle East can put the U.S. back in a worse position than we were in 1973. The country is no better prepared." Hawaii has made a strenuous effort to see that next time it, at least, will be better prepared...
...pace of oil development increased, public expectations rose, and the government of President José López Portillo launched a bold expansionist program. To pay for imports, private and public corporations increased their borrowing abroad. The crunch came when the current worldwide recession, along with the oil glut, sent prices tumbling for Mexican crude. Meanwhile, high U.S. interest rates increased the carrying cost of the Mexican debt...
This year, however, many of the diamonds laboriously extracted from the arid Botswana earth will not be sold. They will instead be added to the growing De Beers stockpile of gems. The reason is that there is a worldwide glut of the precious gems. The vaults of diamond wholesalers are overflowing with rough as well as cut and polished stones, and the market for investment-grade diamonds has virtually collapsed. A rare one-carat D-flawless-grade stone that brought $62,000 at the peak of the market in 1980 is now worth only $15,000 or less, a decline...
...acreage leased for oil exploration has more than doubled; land leased to coal companies has quintupled. Conservationists worry, for example, about the lease hastily granted last fall for drilling beneath New Mexico's Capitan Wilderness. Critics also say it is unwise to auction coal properties during a market glut...