Word: ib
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Dates: during 1970-1979
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World sugar prices have plummeted from 65? per Ib. in 1974 to 7? today. That is good news for consumers, particularly for the country's biggest user, Coca-Cola Co. Each 1? drop in sugar prices saves Coke $20 million a year. But the tumbling prices are bad news for domestic growers of sugar cane and sugar beets, who contend they need a price of 17? per Ib. to meet their production costs...
...price fluctuations set the stage for a bitter controversy that has raged in Washington for months. Senator Frank Church of Idaho has turned beet red and Senator Russell Long of Louisiana has raised cane in an attempt to boost Government price supports for sugar, now 13.5? per Ib., to 17?. They are opposed by the Carter Administration, which insists that a price floor higher than 14.4? per Ib. would be inflationary. Last week the battle turned ugly when makers of corn fructose (a sugar substitute) accused the Administration of withholding documents needed to prove their charge that Carter...
These entrepreneurs are already supported by an amendment to last year's farm bill, which was designed to raise U.S. prices of sugar to 13.5¢ per Ib. But that has not been enough for the growers, who contend that they cannot make a profit at that price. So last week the House wound up subcommittee public hearings on a bill that would use import quotas and fees to set a floor price for sugar of 17¢ per Ib. The same bill has been put forward in the Senate by Idaho Democrat Frank Church, and it has 34 cosponsors...
President Carter has threatened to veto the bill if it passes, but instead of fighting any price fixing, he has come forward with a halfway measure. It would pay subsidies to farmers and, in effect, boost sugar prices to 14.4¢ per Ib. This proposal would cost the public an extra $120 million in direct payments, plus possibly millions more to underwrite federal support if sugar prices fail to rise high enough to enable farmers to redeem their Government loans. The Administration proposal has so little support on Capitol Hill that no Congressman has agreed to sponsor it. Because...
...growers say that they cannot survive in a market that is about as quiet, orderly and predictable as a sailors' bar on Saturday night. Crop failures sent world prices soaring to 65¢¢ per Ib. in 1974, and overproduction has made them plunge to about 8¢. Late last year the Administration signed the International Sugar Agreement, which would use buffer stocks and export restraints to keep prices between 15¢ and 19¢ per Ib. But the ISA deal must be ratified by the Senate; and Church, who represents a big beet-grower constituency, has kept the agreement bottled...