Word: glutting
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...when sales of products ranging from personal computers to video games created intense demand for chips. Semiconductor makers in Japan and the U.S. vastly increased their capacity, expecting an annual sales growth of 30% to 100%. But when the computer industry's expansion stagnated two years ago, the resulting glut of chipmakers and chips triggered sharp price cutting. The cost of a 256K dynamic RAM (random access memory) chip, for example, which can store more than 256,000 bits of information, fell from almost $40 to as little as $3. Says Andrew Grove, president of Intel: "There are just...
...energy consumption after the shocking 400% increase in the price of imported oil in 1973, Congress in 1975 passed a law that required auto companies to improve the average fuel economy of their new cars gradually to 27.5 m.p.g. by 1985. Now, three Administrations and a glut of cheaper oil later, gasoline-saving passions do not run quite so high. Last week the Department of Transportation's National Highway Traffic Safety Administration (NHTSA), which enforces the fuel-efficiency requirements, agreed to lower the standard to 26 m.p.g. for 1987 and 1988 cars...
...American harvest is the gargantuan creation of strong men and women, hard work, ingenuity. But this year's harvest is bittersweet. In the drought- stricken Southeast, there is not enough: fields are burned, stunted. Almost everywhere else, too much: glut, a beautiful curse costing $25.5 billion for price supports and subsidies. Wherever one looks, American agriculture, the very rock on which the nation stands, is in some kind of trouble...
...accord, though, is a fragile one. Many observers are skeptical about the ability of OPEC to hold to its quotas in the face of a worldwide oil glut. Never in its 26-year history has the group sustained production cuts for any length of time. One or more of its members have always managed to cheat on agreements. Moreover, the current plan is only an interim one. It takes effect on Sept. 1 (the delay results mostly from existing contracts that must be honored) and expires on Oct. 31. The cartel has no guarantee that its members will renew...
...many other analysts doubt that OPEC's plan will work. Even if members abide by the agreement, they are fighting a formidable oil glut. Some 200 million unsold barrels of oil linger on the market today, and the inventory has been building at the rate of 2 million bbl. a day. Despite the cutbacks, some experts argue, there would still be a surplus that would depress prices...