Word: glutting
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...drug glut slashes prices
...continued to buy oil from Iran at a time when Washington had requested that they stop purchases because of the 1979-80 hostage crisis. And they were among the first to start buying again after the hostages were released. More recently, the Japanese have been playing the world oil glut to their advantage in dealing with Iran. Several Japanese trading houses in May struck deals with the Iranians to get oil at 200 to 500 below OPEC's official price...
...corn, may dwindle from 3.4 billion bu. to 2 billion bu. by the end of the year, a reduction of about 40%. Rice stocks are expected to be cut by almost half, from 68.2 million cwt. (hundredweight) to 36.3 million cwt. "Without PIK, we would have had a market glut like we've never seen," says Agricultural Economist Barry Flinchbaugh of Kansas State University. "It would have been a hell of a mess...
...once put it, "We aim to deal with the U.S. according to our program of energy." In 1978, while he was running Pemex, Mexico abruptly canceled a natural gas sale after the U.S. refused to meet the Pemex price. In June 1981, after the worldwide oil glut had forced Mexico to lower its export price, Díaz Serrano suddenly resigned from his Pemex post after his enemies charged that he had not cleared the price cut with Lopez Portillo...
...from 1982. Cutbacks by oil companies have dried up opportunities for chemical engineers. In 1970 the geology department at the University of Texas at Arlington had three graduate students and all were hired. Then students flocked to geology as the search for oil quickened. This year, with an oil glut, only two out of Arlington's 15 graduate students and none of its 300 undergraduates have jobs...