Word: glutting
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...been "contrived" by anybody, it has been by the 13 members of the OPEC cartel, who have reduced crude-oil pumping 7% to 10% in support of the 14.5% price boosts they have imposed so far this year. The cutbacks have turned last year's world oil glut into a global shortage, which the resumption of exports from Iran has not relieved. U.S. imports, which now account for half the nation's oil consumption, are running 8% below two years ago, when demand was much lower...
...movies, bountiful booze, great food and beautiful people all converge under the sunny skies of the Cóte d'Azur. Would that it were so. In reality, the festival is a grotesque trade fair. The few good movies are mobbed; the best restaurants are overbooked; traffic jams glut the countryside; it often rains. The festival celebrates money, not art, and only the industry's hustlers seem to have fun. For anyone else, a day in Cannes is like a week in Vegas...
...merely embellishing the rules of the game as taught by the oil majors. From the moment that John D. Rockefeller organized the infant U.S. petroleum industry into a producers' cartel to maintain stable and profitable prices, companies have employed one device after another to prevent price-disrupting swings between glut and shortage...
...seems that the more the oil squeeze tightens, the bigger grows the glut of other fuels that ought to be easing the pinch. First came last winter's natural gas surplus brought on by price decontrol. Now, from West Virginia to Wyoming, miners are burying themselves under millions of tons of stockpiled coal that no one wants...
During the winter, Energy Secretary James Schlesinger began urging oil-fired utilities and factories to convert not to coal but to natural gas. This was to have been only a short-term move to help soak up the gas glut, but it created the misleading impression that coal was not the Administration's favorite fuel after all. Asserts Jim Larson, president of Energy Fuels Corp., Colorado's largest coal producer: "There is a simple lack of leadership. From where I sit, you just have to wonder what in hell is going on back there in Washington." The industry...