Word: pinching
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Motorists will feel the supply pinch first. Gas stations in Florida and Oklahoma are already moving to reduce the number of hours they stay open. Drivers in Colorado are finding that some stations are either closing early or limiting sales. Airline flights continue to be affected; last week an Eastern Air Lines plane carrying Chairman Frank Borman from Miami to Atlanta was diverted to Tampa to take on fuel. These spot shortages will probably become more acute and will spread when warm weather leads to more driving and the Energy Department moves to ensure that no one region is disproportionately...
...pinch is already being felt. Exxon and Texaco notified customers that they are reducing deliveries of oil, gasoline and various refined products by as much as 10%. Other oil companies are expected to follow. The companies are also increasing their oil prices by up to 200 per bbl. Shortages of jet fuel have forced American, TWA and other airlines to juggle supplies to keep operating, and last week National reported that fuel shortages forced cancellation of its lightly traveled New York-Amsterdam flights. At the same time a sudden and unexpected lack of bunker fuel delayed ships sailing from some...
...almost exactly the same amount that was lost during the 1973 Arab embargo, and oil companies are being forced to dip ever deeper into their inventories to make up for it. Last week Texaco, Shell and British Petroleum announced delivery cutbacks to their worldwide customers because of the supply pinch. In the U.S., current stockpiles amount to a 70-day supply for crude. Said Schlesinger to the Senate committee: "As we reach 60 days, one should get quite nervous...
This means a pinch for domestic social programs. Democratic liberals, urban state Governors, big city mayors, many labor chieftains and black leaders all think that their constituencies are bearing an unfair share of the new frugality. They have powerful allies in Washington: the Cabinet members and other high-level bureaucrats who oversee domestic social-welfare programs. These men and women, in turn, have both public and back-door ties to influential members of Congress...
Others agree that the financial pinch threatens the quality of college faculty. Current national studies show that faculty-student ratios have remained fairly constant at 15 to 1 in private colleges, but Harvard's Bok fears that continuing cutbacks in new faculty job openings will have a disastrous long-term effect. Says he: "We are threatened with the loss of a whole generation of able faculty members...