Word: importance
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Dates: during 1970-1979
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...once seemed. By October this year, miserable weather had reduced the harvest of corn by 16% and soybeans by 19%, while demands from the developing countries continue to mount. Merely to feed one pound of grain per person daily to their added population by 1985, they may have to import at least 85 million tons of grains, compared with 25 million tons now. Their import bill, figured at current prices, would top $17 billion for food alone; they would still have big requirements for imported technology, oil and manufactured goods...
...order to hold 1985 prices at $11 per bbl., approximately the current level, Middle East nations would have to hold production to slightly less than half what they could pump. Oddly enough, they would be doing the U.S. a kind of favor if they did follow that strategy: American imports of oil in 1985 would drop to 3.5 million bbl. a day, from 6.3 million now. Reasons: the high prices would discourage import demand, spur a vast expansion in Alaskan oil production in secondary and tertiary recovery of oil from existing fields, and in offshore oil development. It also would...
...reserves in the late 1970's. Despite the impending boom, the coal industry can still be considered a "sick industry" whose symptoms are a very high incidence of wildcat strikes and absenteeism, obsolete capital stock, and a long-standing reliance on government paternalism in the form of subsidies and import quotas...
...probably also incorrect for OPEC to compare ?or link?the price of the oil that they export with the goods they import. Many of the products that OPEC nations buy are either agricultural goods, whose prices are set by a highly volatile market based on supply and demand, or sophisticated manufactured goods, in which the price represents raw material costs, labor, machinery and R. and D.?and then is kept as low as possible by the pressure of international competition. Even when the U.S. attempted, unsuccessfully, to limit its agricultural output, the purpose was to prevent market prices...
...nation has suffered as much as India. This year it will spend about $1.3 billion (approximately two-thirds of its foreign currency earnings) to import oil, compared with $265 million last year...