Word: shutdown
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...earlier this year taught the world how deeply dependent it is on crude from that tortured land. Lately the export flow has been back up to 3.3 million bbl. per day, but there were reports last week that production is dropping, and once again the supply is endangered. A shutdown of Iranian production would put the U.S. in a tough position. Oil stocks are already very low, and consumption would have to be reduced by at least 1.7 million to 2 million bbl. per day. "We would hope that other OPEC producers would help out," says a Department of Energy...
...simple. Oilmen disclaim any wrongdoing and insist that the problem is mainly the result of OPEC members' decision to prop up high oil prices by reducing exports. Because oil shipments from Iran take about two months to reach the U.S. market, the loss caused by the shutdown during the revolution-about 700,000 bbl. per day-did not affect American consumers until March. The American Petroleum Institute estimates that the U.S. now is short as much as 1 million bbl. of imported oil per day. Iran resumed exports in March, but this oil will not show up in American...
...some parts of the country, a real pinch could start as early as May 17. Gasoline dealers from 30 states met in St. Louis last week and resolved to try to organize a four-day shutdown, from Thursday through Sunday, in protest against federal price controls. Though the retail price of gasoline has risen 20% in the past few months, almost all of that has represented a simple pass-along of higher wholesale prices. Dealers have been permitted only two small increases in the gross margin of selling price over buying cost since 1973, and out of that they have...
...theme chosen for the march, "No More Harrisburgs," was broad enough to umbrella the still nebulous philosophy of the movement. Said Organizer Massad: "Some groups want an immediate, total shutdown of all nuclear plants. Some prefer a phase-out to reduce the economic shock, and others want a moratorium until future health and hazard studies are done." The most notable political figure among the demonstrators-and among such familiar protest figures as Jane Fonda,Tom Hayden,Dick Gregory and Bella Abzug-was California's Governor Jerry Brown, who called for a moratorium on new plants but not a shutdown...
Earlier in the week, NRC Chairman Joseph M. Hendrie had gloomily warned that the shutdowns would have a "profound importance for our power supply." For one thing, the utilities that own the B & W reactors would be forced to buy electricity elsewhere for their customers. That would be costly. William Lee, chief executive of North Carolina's Duke Power Co., estimated that the cost of such a shutdown would run more than $100 million a month. But, under the compromise, these forecasts seemed somewhat alarmist...