Word: glutting
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...twelve essays in this volume, warns that a devastating energy crisis could erupt at any time. He writes: "That, in a nub, is the problem for the United States and the entire industrial world, and is why we have undertaken this study." Yer gin fears that the current small glut in perils supplies will lull industrialized countries into the type of complacency that leads U.S. auto buyers to want to rush back to big cars as soon as gas prices seem to abate...
...modest oil glut developed in the past year, however, the price of Oklahoma crude started slumping, from a peak of $38 per bbl. to a trough of about $32. Penn Square's once attractive loans suddenly became big burdens for borrowers increasingly unable to repay...
Lopez Portillo was heading for trouble in any case, but last year's world oil glut brought a sudden end to Mexico's spree. As prices for crude oil began to drop around the world, Mexico stubbornly tried to hold the line. When Jorge Diaz Serrano, the president of Pemex, announced a $4-per-bbl. price cut, he was promptly sacked, and Mexican oil prices were jacked up again. Customers went elsewhere until Mexico bowed to the pressures of the marketplace. By that time, the country had lost about $1 billion hi revenue, and the drain has continued...
Boeing has also been hit by the glut in the used-airplane market, where prices keep getting lower and lower. Asks Morgan Stanley Analyst Wolfgang Demisch: "Why pay $30 million for a new airplane when you can get a used one for one-third that price?" The bankruptcy of Braniff Airways last month at least temporarily idled an additional 69 planes...
...petroleum stockpiles and supplies. Production cuts by Saudi Arabia, the largest single oil producer in the 13-nation Organization of Petroleum Exporting Countries, have combined with a continuing rundown of excess inventories by oil companies to start wiping out the price-depressing effects of last winter's oil glut. Says Claude Messinger of Ashland Oil, who was the chairman of a gathering last week in New York of the American Petroleum Institute: "In my judgment, gasoline prices have bottomed out. We are in for a small, but steady, climb back...