Word: glutting
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According to a glut of stories, McKay was leaving the University of Southern California-where he had won four national championships-for a salary of $175,000 a year, a $350,000 home, complete with furniture, maid, gardener and pool service, plus five new cars and a variety of land deals that could have seduced the Shah of Iran...
...recession conferred any small compensatory blessing on the industrialized world, it was a respite from the energy crisis. Shortages of oil gave way to a worldwide glut, and prices stabilized. But consuming countries failed to use the lull to start any significant oil-conservation programs, or to develop alternative sources of energy rapidly enough. Indeed, they have grown even more dependent on the Organization of Petroleum Exporting Countries; the U.S., for example, now imports about 40% of its oil, v. 29% before the time of the Arab embargo in 1973. Now, the consuming countries are about to pay the OPEC...
...which has by far the world's largest known oil reserves. Though they could produce 11.8 million bbl. of crude a day, the Saudis are limiting daily output to 8.5 million bbl. This hold-down allows other OPEC members to produce at capacity without causing so great a glut :? as to push prices down. As a result, cartel members must give great weight to Saudi views, and the Saudis have consistently talked moderation. At the cartel's last meeting in Bali in May, their A refusal to raise prices at all effectively determined OPEC policy. At the December...
West Coast Glut. Meanwhile, another problem looms: What to do with the oil when it finally begins to flow? Incredibly, that question has still not been resolved. About half the crude in Prudhoe Bay is owned by Standard Oil of Ohio, in partnership with British Petroleum. It is scheduled to be shipped by tanker from Valdez to California. But Cleveland-based Sohio has no marketing outlets on the West Coast; it wants to unload its oil at Long Beach, Calif., and move it to its territory in the Midwest through a 200-mile pipeline to be built across southern California...
...says he warned Sohio "as long ago as mid-1975" that it might not be welcome at Long Beach. Sohio claims that when the pipeline was planned, it did not believe there would be any surplus in California that would have to be piped East. The unexpected West Coast glut-about 600,000 bbl. per day-arose, says Sohio, because of increased energy conservation and the lower fuel consumption that resulted from the recession. Yet others insist that the glut problem cannot be a surprise to the company. Says O.K. ("Easy") Gilbreth, director of Alaska's division...