Word: glutting
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Despite last week's renewed concern that the rapid money growth would set off new inflation, the battle against high prices is, almost surprisingly, going better than expected. Thanks largely to the small glut of world oil supplies, consumer prices are beginning to slow down. The basic underlying rate of rise for consumer prices remains at about 10%, but the level of inflation for the first quarter dropped to an annual rate of 9.6% from 13.2% in the final quarter of 1980. The Bureau of Labor Statistics reported that the Producer Price Index for April, a precursor of consumer...
...misleading, since they are based largely on the proliferation of M.B.A. programs at institutions like Los Angeles' Woodbury University or the Millsaps College School of Business in Jackson, Miss. Many schools have also started abbreviated M.B.A. programs for experienced executives. Already there is some talk of an M.B.A. glut and of what Dean Jack Steele, of the University of Southern California, calls "the debased coin of the realm." But at the top level-a position widely attributed to Harvard, Stanford, the University of Chicago and Pennsylvania's Wharton School, followed by not more than half a dozen others...
...crude they pumped, or since oil companies such as Exxon, Mobil Oil and Gulf Oil suffered from declining profits and bulging inventories. But that is precisely the situation in the suddenly upside-down world oil market. Skyrocketing prices and sagging demand have brought on a continuing petroleum mini-glut...
...consuming nations can hardly rest easy. Temporary surpluses in 1978 and 1980 quickly evaporated after the outbreak of the Iranian revolution and the Iran-Iraq war. A pickup of the U.S. and European economies and the resulting increased demand for oil would wipe out the mini-glut just as quickly this time. Says Ulf Lantzke, director of the Paris-based International Energy Agency: "We are in balance at the moment, but it is a rather fragile balance." With some 60% of world oil reserves buried under the sands of the always volatile Middle East, world oil supplies will remain fragile...
Still, the spot market's softness probably does not foreshadow lower fuel costs for consumers. The mini-glut is nearly microscopic: there is an estimated surplus of no more than 800,000 bbl., out of a total non-Communist worldwide production of about 53 million bbl. per day. "It is absurd to talk of a glut," says one West German oilman. "So long as any one of a number of oil-producing nations can create shortages, the world's energy supply hangs by an exceedingly thin thread...