Word: pumps
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...July 1. But the Saudis, backed by the United Arab Emirates, announced that they would post only a 5% increase for the whole year. Moreover, Saudi Oil Minister Ahmed Zaki Yamani declared that Saudi Arabia would lift its self-imposed production limit of 8.5 million bbl. a day and pump out as much oil as the world market would take (the country can now produce 11.8 million bbl. daily). That was a clear attempt to undermine the higher prices decreed by its OPEC partners, and the cocky Sheik Yamani told Western newsmen, "I don't believe the 10% increase...
...Presidents-a none-too-subtle indication that he believes each President should have a chairman who is philosophically compatible. But Carter cannot appoint a new chairman to succeed Burns until January 1978, and he knows that his plans for economic expansion will fail unless Burns and the board pump enough money into the banking system...
...Federal spending. Businessmen are concerned about Carter's apparent plan to juice up the economy by cutting taxes and other pump-priming measures next year. "He faces a terrible temptation to heat things up," says Thomas Ayers, the chairman of Chicago's Commonwealth Edison. "I hope he chooses a moderate course." Declares Norman Robertson, senior vice president and chief economist of Pittsburgh's Mellon Bank: "If he should try to adopt the Humphrey-Hawkins bill [which calls for heavy spending on public-service employment] or something like it, trying to reach a predetermined level of unemployment...
...Representative H. John Heinz III (R-Pa.), who spent about $2 million on his campaign, Buckley's expenditures have outstripped those of any other Senatorial candidate. Moynihan's campaign, on the other hand, is running in the red, and recently Moynihan staffers agreed to forego their salaries to pump more money into television advertising to counteract Buckley's saturation-level media campaign...
That decline has been due mainly to Ford's inflation-fighting fiscal prudence-holding down his budget proposals and vetoing many bills-a refreshing departure from the usual tendency of Presidents to pump up the economy during election years. Beyond that, the Government in the past six months has spent $10 billion to $15 billion less than both the Republican Administration and the Democratic Congress had expected. Nobody is sure of the reasons for this drop...