Word: glutting
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Three years ago, OPEC was a global oil power whose $35 price per bbl. of crude meant nightmarish gasoline prices and stagnant economies for the industrialized world. But along with staggering energy costs came recessions and conservation measures that whave resulted in a worldwide oil glut. Last week the 13 members of OPEC 1 gathered in Vienna and struggled to hold onto their bench-mark price of $29 per bbl. and a production ceiling of 17.5 million bbl. a day that they established in March...
...doctors the country needs and how they are to be trained. Defenders of the offshore schools argue that increasing the supply of physicians will lower medical costs and help deliver health care underserved: slums, rural areas and state psychiatric hospitals. Critics point out that there is already a doctor glut in many parts of the country and that too often the offshore schools provide second-rate training for third-rate candidates, half of whom fail the U.S. medical qualifying exams each year. "It's a disgrace," says Dr. Vincent Larkin at Brooklyn's Methodist Hospital. "A substantial number...
...deposit, a condition normally required by listing agents and the many private home owners in Los Angeles who put their houses up for rent during the Games. Prospective landlords, however, cannot be quite as demanding as they were some months ago. According to many realtors, there was a glut of private accommodations on the market even before the boycott, forcing widespread price cutting. But some Angelenos hit the jackpot. Chuckled Steve Obeck, who arranged the lease of eight plush residences to East European groups with full payment in advance: "Those homeowners can have their cake and eat it too. They...
...also uneasy about the regime's internal repression and its penchant for forcing Gaddafi's austere life-style on everyone. The seriousness of the situation is heightened by the fact that Libya's petroleum-based economy is ailing as a result of the worldwide oil glut...
Stockpiles, conservation, the economic slowdown and greater production outside the Middle East have produced a worldwide oil glut. Today the U.S. gets less than 5% of its oil, or about 500,000 bbls...