Word: short
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
World supplies are short enough that Iran expects no trouble finding buyers, particularly from countries that have little if any oil of their own and seem willing to pay any price for supplies. As Nazih was speaking, a tanker was reportedly loading 300,000 tons of crude at Iran's Kharg Island for Japan at the new, extortionate price. The easy sale could well tempt other producing nations to post similar price increases in the days ahead...
...some companies may benefit. Short-haul airlines expect to win new passengers because rising gasoline prices make it cheaper to fly than to drive. But long-haul lines may have to cut service to small cities. T.W.A. last week scrubbed five flights out of Kansas City for lack of fuel. The auto industry stands to benefit because rising gasoline prices are likely to move shoppers to buy fuel-efficient cars. That will help automakers meet strict federally mandated "fleet average" mileage standards for vehicle sales. On the other hand, fast-food chains, restaurants and hotels will suffer if Americans drive...
...waffling is immensely frustrating for Energy Secretary James Schlesinger. For the past two years he has urged conservation steps; Congressmen have done little more than nod politely. The present squeeze, Schlesinger argues, "is a warning, but the real danger is in the long run. We must take advantage of short-term crises to try to make fundamental long-term changes...
...have reluctantly concluded that the only way to deal with this is for the importing nations to unite in terms of not permitting crude that is traded at premiums to enter their countries. In short, we should prohibit the import of any oil or oil products that sell above the official posted prices. Perhaps this prohibition should be coupled with an international allocation scheme. This is a proposal that will appeal to nobody because it means more Government in business. But what is at stake is the economic welfare of all our countries. When that is at stake, I believe...
When supplies fall short of demand, even by a small amount, the number of deals is multiplied and the spot price spurts to whatever the market will bear. The official OPEC price, under which most oil is traded on short-term contracts, is now $13.34 per bbl. But last week some desperate, we'll-pay-anything customers took spot shipments of oil at $28 per bbl. Meanwhile, a number of sellers have been asking, but not necessarily receiving, as much...