Word: output
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Amid price surge, output slump and energy crunch, Carter seems stymied...
...moderate decline in output probably will continue for six to nine months, after which the economy will rise again. Board members are unanimous in their view that since the downturn is inevitable, the sooner it occurs, the shallower, less lengthy and more effective in damping inflation it will be. Said David Grove, a consultant to IBM and other major companies: "It would be better to take our medicine quick...
...Peter Crown, a professor of television and psychology at Hampshire College, have attached electrodes to the heads of children and adults as they watched TV. Mulholland thought that kids watching exciting shows would show high attention. To his surprise, the reverse proved true. While viewing TV, the subjects' output of alpha waves increased, indicating they were in a passive state, as if they were "just sitting quietly in the dark." The implication: TV may be a training course in the art of inattention...
...regular gas. More important, stocks of heating oil have dropped dangerously (4.6% below the "minimum acceptable level" for May). Refineries would ordinarily be starting all-out production of gasoline now, to supply the summer driving surge, but the Carter Administration is urging them instead to switch as much output as possible to heating oil, in order to make sure that enough is on hand by October to carry the U.S. through the winter...
Supplies are also being crimped because demand for petroleum continues to grow. Last year's momentary surplus brought on by increased output from the North Sea and Alaska has been more than wiped out by rising consumption as well as OPEC's cutbacks. Steadily growing consumption of gasoline is causing most of the demand problem. Nearly 40% of all oil used in the U.S. goes for gasoline, and even though the price has almost doubled since 1973, the nation's 142 million motorists are burning it in record amounts. Not only have over 20 million new drivers...