Word: glutting
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Because of the worldwide oil glut and Iraq's shortage of skilled technicians, some Western oilmen insist that Kassem's venture is foredoomed to failure. But unlike Iran's Mossadegh. Kassem has prudently allowed the foreign oil company to continue production, thus assuring himself of a continuing income while he dickers for help in getting his own company on its feet. And help may not be hard to find. The Soviet Union might aid Kassem simply for political advantage. And in Rome sits hawk-faced Enrico Mattei, boss of Italy's state petroleum monopoly, who delights...
Among the world's ailing industries, few are hurting worse than shipbuilding. The demand for shipping that was whetted by the new Persian Gulf oilfields faded abruptly in 1959, when the U.S. put quotas on oil imports. Result: a worldwide glut of cargo space. To glean what new orders there are, the big U.S. and European shipyards have had to slice deeply into their profits to come up with low bids, but they are still losing ground to the front-running, highly efficient and low-paying Japanese...
What causes the wars is the big surplus of refining capacity that major companies built after the Suez crisis. This, combined with the advent of gas-miserly compact cars and smooth-riding superhighways (that save on fuel), has created a glut. Production cannot be fully cut back, because gasoline is just one of the byproducts of the refinery process...
...word for serpent-was conceived during the 1956 Suez crisis by British Engineer William Rede Hawthorne, 49. Seeking a quick way to build up Western Europe's oil-hauling capacity, Hawthorne began experimenting in a wave tank with sausage skins filled with alcohol. But soon there was a glut of oil tankers-and European refineries had no more need for sausage barges. Hawthorne began to think of using them with other loads in remote places. Dracones are cheap (from $12,600 to $63,000), can be towed easily by small boats, and do not need fancy dock facilities...
...vital G.M. legacy from the Sloan era is G.M.'s overriding emphasis on a strong, healthily prosperous dealer organization. Sloan picked his dealers carefully, watched over their accounting methods, and saw to it that they were all geographically spaced to divide the market properly. After the 1955 auto glut-when the company was accused of forcing so many cars on dealers that they had to dump them at almost any price-G.M., with prompting from the Senate's O'Mahoney subcommittee, further improved its dealer relations. It extended dealer contracts from one year to five, hired...