Word: nationalizes
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Dates: during 1970-1979
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During last January's Big Freeze, it seemed that the weather would never warm up fast enough to save the nation from a series of natural-gas emergencies. As fuel shortages forced the closing of many schools and factories, industry officials expressed fears that their underground reservoirs were being depleted so rapidly that they could not be built back to normal during the summer-dooming the U.S. to another shortage next winter...
...those fears have faded. As the weather in much of the nation turned milder in February, then downright summery in March and April, demand for natural gas fell. The Emergency Natural Gas Act passed by Congress last February helped too. It enabled gas-consuming states to buy-at high unregulated prices-supplies that had been held in such producing states as Texas and Louisiana. Supplies in storage have now been rebuilt to the point that factories burning natural gas can count on getting enough to keep them running through the summer and fall. Since supplies are being replenished faster than...
Toward Compromise. None of this means that the nation's long-range energy squeeze is less threatening. The U.S. is still importing more than half of its oil, and prices could rise above their already inflated levels. Reports spread last week that Saudi Arabia, the world's largest oil exporter, had decided to raise its prices 5% by July 1. That would bring its quotes up to the general OPEC level and heal-or at least paper over-the bitter split that developed in the cartel last December (the eleven OPEC countries that raised prices 10% then would...
...across the nation's grain belt last week, farmers were bringing in the third bin-busting wheat crop in a row. Huge plantings of soybeans, corn and other grains are completed and, weather permitting, prospects for bumper yields of these crops also are as bright as spring sunshine. All this is the best of news to inflation-pinched consumers, who can now count on relatively moderate increases in food prices. Despite the big winter run-up in fruit and vegetable prices, caused by Eastern freeze and Western drought, the Government predicts that food prices this year will rise somewhere...
...same as last year, when they grew a record 6.2 billion bu. Growers are concerned that the huge crop will cause corn prices to fall well below their current level of $2.35 per bu., which is nearly 20% lower than last year's price. Of all the nation's farmers, the best off are the growers of soybeans, which are in great demand for use in livestock feed and a wide variety of foods. Prices for soybeans have climbed from an average $5.25 per bu. last year to as high as $10.27 this year-and could go higher...