Word: glutting
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...justifying his actions, Abacha cited Nigeria's "grave economic predicament," brought about, he said, by an "inept and corrupt leadership." Oil normally accounts for 90% of Nigeria's export earnings, but the world petroleum glut sent those revenues falling from a peak of $26 billion a year to $10 billion. Corruption in Nigeria is rampant...
...home computers. An estimated 2.5 million will be sold this Christmas, nearly twice as many as last year. But such manufacturers as Commodore and Atari have been able to fill only about two-thirds of their orders. The home-computer price war that followed last summer's glut of the devices has helped stimulate demand to a record level. When Computer Programmer Lawrence Hoyle bought a Commodore 64 as a present for his nieces and nephews last week at a K mart in Lawrence, Kans., he paid about $500 for the computer, software and a disc drive. Said...
...worldwide glut makes for bargain sipping
...result is an international wine glut, as much a hangover for growers, shippers and retailers as it is a bonanza for consumers. In California, thousands of tons of wine grapes were left unpicked last year. E. & J. Gallo, by far the country's largest winemaker, reportedly turned down huge quantities of grapes offered at large discounts; its vast storage tanks in California's Central Valley were filled to overflowing. Even before the 1983 crop was harvested, there was an estimated 200 million-gallon surplus of California wine, which has now dwindled considerably...
...groups charged that the program to pay farmers for not producing was a giveaway to the dairy interests, fueled in part by the industry's campaign contributions to Congressmen. The meat industry feared that dairy farmers would cut production by slaughtering their older cows for beef, creating a glut of meat that would depress prices. And the Reagan forces contend that over a four-year period the new approach will cost the Government $500 million more than the bill they favored...