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...changes will increase the output of electricity and improve environmental safeguards, Champion said. He added that the eleven Medical Area institutions--hospitals, research centers, and Harvard schools--found the changes necessary after re-evaluating their future energy needs...

Author: By Joanne L. Kenen, | Title: Costs for Energy Plant Rise | 1/4/1977 | See Source »

Harvard, which he said will use approximately 20 per cent of the plant's energy output, will save an estimated $1.8 million annually, he said...

Author: By Joanne L. Kenen, | Title: Costs for Energy Plant Rise | 1/4/1977 | See Source »

...does not signal the end of OPEC. Yamani denied rumors that Saudi Arabia would quit the cartel, which would surely have meant its ruin. He also played down earlier threats that Saudi Arabia, already by far OPEC's biggest producer (8.4 million bbl. per day), would substantially expand output in order to undermine the higher prices of the opposing eleven. The radical Libyans, who are among the Saudis' bitterest rivals, were relieved. "At least, I expect they will not harm us," said Libyan Oil Minister Ezzedin Mabrouk...

Author: /time Magazine | Title: OIL: The Battle of the Barrels Begins | 1/3/1977 | See Source »

Uncertain Future. Also, the amount of "free" oil is small. The Saudis sell only about 6.25% of their daily output on the open market. The bulk of their production is committed to four U.S. companies: Exxon, Texaco, Mobil and Chevron. They stand to benefit most from the two-tier system, but how much of the savings they will pass on to the U.S. consumer is unclear...

Author: /time Magazine | Title: OIL: The Battle of the Barrels Begins | 1/3/1977 | See Source »

...impact on the overall price structure have been shrinking. The metal has lost a large share of its markets to other materials-aluminum in beer cans and some auto bumpers, and plastics for many refrigerator parts, for example. Between 1950 and 1975, total industrial production rose 260%, steel output only 120% (see chart). Services have grown vastly in importance in the modern economy; an increase in auto-insurance rates can push up the cost of owning a car much more than the price of the steel going into that...

Author: /time Magazine | Title: PRICES: The Hardy Steel Myth | 1/3/1977 | See Source »

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