Word: pinching
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TIME has published dozens of stories on the energy crisis since August 1970, when the Business section described the already visible effects of the energy pinch on American industry. This week's cover story is our fourth major report on the situation. In the June 12, 1972 issue, we warned that the demand for energy in the U.S. and round the world was continuing to grow at an alarming rate. In April 1973 TIME, FORTUNE and SPORTS ILLUSTRATED sponsored a three-day conference at which political, business and environmental leaders were brought together to explore solutions to the problem...
...impressive show it was. The Faculty whipped through its packed agenda, barely running past its 6 p.m. deadline. Rosovsky handled his presentation of the budget--which told the Faculty to pinch pennies and students to get out their wallets--without the slightest hint of jitters...
First Hop. American motorists felt the first pinch at the pump last week when gasoline prices rose between 1? and 4? per gal. By winter's end the price is expected to bound up to 50? per gal. v. about 40? now. Home heating fuel could climb as high as 40? per gal., almost double its current level, and jet fuel, kerosene, propane and other petroleum products will rise proportionately. Officials of the Cost of Living Council estimate that increases in the price of oil imports alone will inject about $5 billion of pure inflation into the economy, substantially...
Painful Eating. Chileans are already feeling the pinch of other new economic policies. The Allende regime had forced industry to hire unneeded workers; many of them have been fired, adding to Chile's high jobless rate. To blunt the inflationary impact of the artificially swollen money supply-Allende had simply printed more and more currency-the new government devalued the escudo by 58%. That action severely chopped into the buying power of all but the wealthiest consumers. In addition, the junta has largely scrapped Allende's heavyhanded controls on prices, which were kept so low in relation...
...Mets even made the lame and the halt rise from their pallets to perform. Willie Mays, 42, sidelined with cracked ribs and due to retire at the end of the season, was sent in as a pinch hitter during the final game and scratch singled in a run. Willie was replacing Veteran Ed Kranepool, the last of the original Mets, who in turn was substituting for Rusty Staub. Staub, on a home-run jag, could not play in the fifth game because he slammed into an outfield wall making a crucial catch in game four. Kranepool performed...