Word: petroglut
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Dates: during 1980-1989
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...country's office and apartment landlords and builders are clear winners. Robert Logan, president of the Syska & Hennessey mechanical- and electrical- engineering firm in Manhattan, estimates that many developers are saving up to $1 per sq. ft. in energy costs as a result of the petroglut. That is equal to anywhere from 25% to 50% of the total energy costs for many buildings. Residential home builders, who are enjoying the double benefit of lower interest rates and the oil-price cuts, are also feeling giddy. It did not seem coincidental that of the 20 biggest gainers on the New York...
Although lower oil prices resulting from the present petroglut, combined with the current recession and the Reagan Administration's slashing of energy-research funds, have slowed Hawaii's ambitious plans, these projects have not been stopped. Among them...
Some analysts were nervously wondering whether Iran's invasion of Iraq would reduce oil shipments, thus drying up the remains of the petroglut and pushing prices higher. Most experts, though, felt that the war is unlikely to trigger an immediate crisis because the global economic slump continues to hold down energy use. But the energy situation will again become dangerous once world economies start growing. Writes Yergin: "The more likely flash point occurs when accidents interact with a market in which demand is rising, as was discovered in 1973 and 1979. Thus, the world enters the danger zone when economic...
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