Word: gluttingly
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...least, traders are betting that oil production will drop and prices will rise. Reason: both Iran and Iraq have pumped as much oil as possible to pay for their holy war, helping depress prices. Peace could eliminate the glut, the theory goes, by bringing back tighter production quotas from Iran, Iraq and the other members of the Organization of Petroleum Exporting Countries. Such thinking caused the price of oil futures to seesaw violently last week. The price of a barrel of West Texas crude jumped 84 cents, to $15.70, when Iran first proposed peace, then plunged 47 cents...
...Already commodity prices have soared. Corn and soybeans are at a two-year high. Livestock, with nowhere to graze and no water to drink, are being sent to slaughter early. The sudden glut of meat on the market has caused hog prices to fall 10% in the past three weeks and feeder-cattle prices to plunge 9% in five weeks; even so, consumers will soon face higher food costs...
Reagan thought OPEC was finished. The cartel began to self-destruct in the early 1980's when internecine squabbling and cheating on production quotas rendered it powerless to prop up oil prices. Combined with Carter-era conservation programs, excess production led to a world-wide glut. The price of a barrel of oil fell by one-third, ushering in the economic recovery of the Reagan...
...current production glut and low fuel prices have allowed us to comfortably forget that we are running out of oil. Surely we don't want to suffer another OPEC-induced energy crunch, but we may well need one to remind us that a crisis still exists...
...persistence of the glut this spring finally prompted several non- OPEC nations to agree to a summit with OPEC. While some of the biggest producers declined to participate (among them Britain, the Soviet Union and the U.S.), the meeting was a somewhat threatening development for oil-gulping countries. That includes the U.S. as a whole, which imports 37% of its daily consumption. Energy Secretary John Herrington, on a seven-nation swing through Southeast Asia, was inspired to lecture non-OPEC countries that the Reagan Administration was opposed to any manipulation of the price of oil. He told TIME, "The efforts...