Word: surpluses
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...company inventories around the world are now swelling with a surplus of excess production that oilmen estimate may amount to as much as 1 million to 2 million bbl. of daily output. The situation is particularly pronounced in the U.S., where petroleum consumption dropped by 5.2% in the first quarter, after declining by 8% last year...
...agreed to sell Warsaw more meat, dairy products and grain at 15% below the market price. Polish Deputy Premier Mieczyslaw Jagielski flew to Paris and Washington. The veteran negotiator met with President Valery Giscard d'Estaing and won a pledge of $800 million in aid, plus shipments of surplus wheat. In Washington, Jagielski was received by Secretary of State Alexander Haig and Vice President George Bush; they promised to sell Warsaw 50,000 tons of surplus butter and dried milk and to consider cooperating on rescheduling Poland's $3 billion U.S. debt...
...infinite wisdom, eliminated the five-week supervised fall lacrosse practice of past years. Whether or not all the schools adhered to the ruling (rumors of holes in the nets at Cornell continue to persist) is uncertain. But Harvard did, with Scalise busy with women's soccer, and a surplus of laxmen wandering around Soldiers Field, searching for a place to swing their sticks. The vacant tennis courts behind Palmer Dixon were finally settled on, but a tennis court does not a lax field make, with space enough for only a few players to practice at once...
Still, the spot market's softness probably does not foreshadow lower fuel costs for consumers. The mini-glut is nearly microscopic: there is an estimated surplus of no more than 800,000 bbl., out of a total non-Communist worldwide production of about 53 million bbl. per day. "It is absurd to talk of a glut," says one West German oilman. "So long as any one of a number of oil-producing nations can create shortages, the world's energy supply hangs by an exceedingly thin thread...
...states are making money faster than they can spend it. Texas expects to be at least $500 million in the black by 1983, and Louisiana anticipates a $1 billion surplus by then. Yet even well-to-do states may feel squeezed as Reagan begins to reduce federal spending on social programs. For states already suffering, Reagan's slashes will inflict only more pain...