Word: glutting
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...slippery statistics impress the public far less than do the headlines that new production from Alaska, Mexico and the North Sea has created an oil glut, forcing Saudi Arabia and Kuwait to make small discounts in prices (TIME, Sept. 26). Small wonder that a recent New York Times/CBS poll showed that 57% of those questioned thought the energy situation less serious than the Administration says...
When supplies of anything get too large for their markets, prices come down-or at least they should. For all the power of the OPEC cartel, oil is proving to be no exception. A worldwide glut has developed as new supplies from the North Sea, Alaska and Mexico supplement oil from the Middle East and South America -at a time when the shaky world economic recovery cannot absorb all of it. One result: price shaving by most of the big producers. Kuwait, Iran and Saudi Arabia are all offering slight discounts of 100 to 300 off the price (about...
Alas for consumers, the glut that is bringing on the discounting is not expected to last beyond the end of the year. Colder weather will then eat into stockpiles and redress the oversupply imbalance. In December, when OPEC's oil ministers meet again, prices could...
...soil. Large landowners who mechanize their holdings force peasants off the land, creating a new army of unemployed on the edges of cities. Agricultural speculators buy up the land of small farmers to plant crops they think will receive high prices the next season; when there is a glut, they stop planting. Only changes in the land tenure system, the authors argue, will feed the hungry...
...their effort to persuade their readers. In Mexico, land that once grew corn for peasants' diets is now used for strawberries and flowers for the U.S. while the people there starve. In Senegal, California-based Bud Antle grows vegetables for the European market; in 1974, when there was a glut in Europe, the company destroyed an entire crop of green beans, because the Senegalese peasants are not familiar with the vegetable and don't eat it--and because they could not afford Bud Antle's prices. Despite huge increases in the per capita production of beef in Central America...