Word: glutting
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...bill. Last year the Shah demanded slightly more than $1 billion in revenues. To meet that goal, the European-American consortium that brings out more than 90% of the nation's oil increased production by 14.8% to well over 1 billion bbl. a year. But with the glut in world markets, the consortium could sell only enough to raise $930 million and had to make up the difference with an advance payment of $80 million. Recently the nine companies involved agreed to the government's latest demand for $1.155 billion in 1970 oil receipts; this will probably require...
There have been ample warnings of impending collapse in recent years. Mail service in Chicago broke down during the 1963 Christmas season. Three years later, the Chicago post office simply ground to a halt for nearly three weeks under a glut of 10 million letters and packages. Even first-class letters can take several days to travel a few miles-or even blocks-whereas overnight service used to be taken for granted. Last July, a rash of sick calls at one post office in The Bronx produced what was, in effect, a strike...
Burger also scored the nearly total lack of worthwhile vocational training in American prisons. "It is no help to prisoners," he said, "to learn to be pants pressers if pants pressers are a glut on the labor market." His two basic solutions: breaking down large institutions into smaller units that separate first offenders and teen-agers from older repeaters, and eliminating popular prejudices against ex-prisoners...
...need to grow twice as much food as we do now in order to adequately feed the earth's 3 billion people. And the population is increasing by 70 million per year. A "grain glut" in the '70s you say. Wait...
Certain staples of civilized life in the Western world-butter, for instance-may be in short supply simply because they will become too expensive to produce in volume. Otherwise, though, the '70s will be a decade with a food surplus, perhaps even a grain glut, that could lead to agricultural depression. Whether hunger is eliminated, however, depends upon the mechanics of distribution-a problem for politicians and economists, not for agricultural technicians...