Word: surpluses
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More immediate is the promise of oil. Though its proven reserves primarily in western Sinai and offshore in the Gulf of Suez total only 3 billion bbl. (v. 110 billion bbl. for Saudi Arabia), Egypt already produces enough oil to fill its own needs and provide a sizable surplus. This year, the country is again an oil exporter, to the happy tune of $311 million. Sadat predicts that the figure will jump to $1.5 billion by 1980. In addition, Egypt has largely untapped deposits of phosphates and iron...
Christmas giving set new records for retail sales after several so-so years. Sales of toys and flowers were particularly strong. A survey of 40 state governments projects a budget surplus for 1978, and with the extra money comes a dedication to spend wisely. The old ills and excesses, the nation has learned, are too costly-crushing in economic terms and incalculable in human terms. Chicago's Cook County has spent $762,561 defending its public officials in lawsuits brought by the survivors of three Black Panthers gunned down by police...
...given a welcome boost to British exports, which during 1977 significantly increased their share of the world market. As exports have risen and the pound has steadied, foreign capital has once again begun to flow into Britain, converting a 1976 balance-of-payments deficit of $6.9 billion into a surplus of $10.3 billion in the first nine months of 1977 (including both current transactions and capital movements...
...oversupply has been caused primarily by the arrival of oil on the market from new North Sea, Alaskan and Mexican wells. Those three areas are now producing an estimated 2 million bbl. per day?precisely the amount of the current surplus. Oil Minister Mani Said Utaiba of the United Arab Emirates admitted at the conference: "We can't talk about increasing prices because there are too many barrels of oil every day in the market. If we increase the price, we won't be able to sell...
...welcome as even a temporary halt to oil price hikes will be for Western economies still staggering from past increases, OPEC'S decision offers only a respite at best. After last week's meeting, Yamani said that Saudi Arabia would cut back production until the oil surplus disappeared and intimated that OPEC would then, presumably in 1979, start sending prices higher again. Even the new production in the North Sea, Alaska and Mexico, moreover, will not be enough in the long run to break OPEC'S corner on world oil supplies. All the oil found so far in Alaska...