Word: glutting
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...average, a shade above the December level and only a fraction above a year ago. Several major raw materials even registered sharp decreases. Lead was marked down from 12? to 11? per Ib. when the metal piled up despite import quotas. Because of a worldwide glut in oil, British Petroleum Co. lopped 18? per bbl. off the price of Mideast oil. Creole Petroleum cut 5? to 15? off the price of Venezuelan oil, and in the U.S., Gulf and Ohio Oil dropped their buying price for crude...
Next to waging the cold war and preventing a hot one, the most gruesome task confronting the U.S. Government is coping with the farm-glut scandal. Swollen by the costs of buying and storing farm surpluses-largely created by obsolete federal price supports-Agriculture Department spending will mount this fiscal year to $6.9 billion, more than twice the combined outlays of the State, Justice, Interior, Commerce and Labor Departments...
...underwriting such feeble steps as 1956's since-discarded acreage-reserve provisions of the soil bank and his new, too-little, too-late corn program, which, by abandoning production curbs in return for a very modest decrease in corn price supports, threatens to bring on a bigger corn glut than ever...
Most businessmen believe that the best and quickest way to cure the glut in many commodities is not a governmental plan but voluntary agreements to trim output and bring supply in line with demand. The copper industry has shown how producers can solve many of their own problems. Copper producers voluntarily cut back production in the face of a big supply and falling prices. The market stabilized itself without any artificial controls, and last week copper prices were moving...
...supplies were tighter and demand stronger than at any time since the post-Suez glut. By cutting production, imports and refinery runs in the first half of 1958, oilmen had whittled gasoline and crude-oil inventories to what they consider ideal levels. Last week stocks of gasoline slid to 183 million bbl.-a six-week supply-and crude dropped to 252 million bbl.-a five-week supply. More important, the boom in vacation driving boosted gasoline demand in June 4% above April and May, one of the best gains in twelve months...