Word: importance
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Dates: during 1970-1979
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WHEAT: Total world exportable supplies are estimated to be anywhere from 48 to 62 million tons this year. At best, that will be down from last year's 69 million ton supply, and will fall short of global import demand calculated at 65 million tons. The Soviet Union will be buying wheat again because it is falling below its harvest target, though less disastrously than in 1972. The Common Market last month banned all exports of wheat from its nine member countries until further notice. Argentina, normally an exporter, bought wheat in the U.S. last week because...
...result, South Korea, which once exported rice, must now import...
Although the report does not charge that the oil companies conspired to produce gasoline shortages, it does assert that they have used them to "eliminate competition." Over the years, the report says, tax regulations, depletion allowances and the now suspended oil-import quota system have allowed the 20 biggest firms-those that control most domestic crude production, proved domestic reserves, refining capacity, pipelines and gas stations-to make tremendous profits at the production level, while holding down supplies and locking out independent refiners...
ALAS, when we come to the two main players, there isn't a hint of virtuosity. If the AST wanted to import someone to play just the single role of Macbeth this summer, why pick Fritz Weaver? Fifteen years ago Weaver attempted Hamlet here, without much success. He hasn't improved in the interim...
This year India may have to import as many as 6,000,000 tons of wheat. A drought has forced the closing of some Indian factories and the cutting of hydroelectric power to others. Losses are estimated in the billions of dollars...