Word: glutting
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...inflation far more rapidly than expected. The pace of consumer price hikes slowed from 12.4% in 1980 to 8.9% in 1981. TIME's economists forecast that inflation will cool further to 6.5% this year. The progress is partly a result of bumper grain crops and the worldwide oil glut, which have moderated food and energy prices. More important, the slump has prodded many unions, from the Teamsters to the United Auto Workers, to scale back their wage demands. Said Greenspan: "We're looking at a very significant slowing in the inflation rate. There has been a fundamental change...
...contrast to this trend, Harvard may formally reduce the size of its Med School classes within the next ten years because of the glut of doctors on the market, Paul said...
Exxon's action last week was made much easier by the current world glut of oil. The major petroleum companies are now well stocked with crude because consumption has been falling. Rather than causing a shortage of petroleum, the loss of Libyan production will just mean a little less for Exxon to put into storage tanks...
OPEC members arrived in Geneva resigned to lowering their official price toward the Saudi level, if the Saudis would reduce their production to eliminate the petroleum glut. Even though the meeting started eleven hours after the Senate agreed on the sale of AWACS planes to Saudi Arabia, the action in Washington had no effect at all on oil politics at the session...
While demand edges upward, supplies are going down. U.S. crude-oil inventories now stand at about 19 million fewer barrels than they did a year ago at this time. No oil glut promises to come to the rescue if supplies grow tight during the winter. Indeed, the cushion of excess inventory over normal levels dropped during the summer from 500 million bbl. to roughly 200 million bbl. or so by last month. Energy Analyst Constantine Fliakos of Merrill Lynch now warns that supply and demand could be in actual balance before the end of the year...