Word: winter
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Dates: during 1970-1979
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...Lady of Pity, a Roman Catholic church in North Cambridge, Mass., had never before seemed so aptly named. Looking ahead to the coming winter, the priests were stunned to discover that their heating-oil bill for 1979 will make even the $12,000 they paid last year look like a bargain. To cut costs, they plan to close off the 1,100-seat main sanctuary during the cold months and hold services in the church chapel and chapel hall, which together can accommodate only 500 worshipers. Explains one priest: "It is simply a question of 45 gal. an hour...
...fuel bill for an oil-heated home, about $650 last year, is expected to climb to between $ 1,060 and $ 1,200 this year. In 1978 the average American worker had to labor for 19 hr. every month of the heating season to pay his fuel-oil bill; this winter he will have to work a walloping 34 hr. per month...
There may be no outright fuel shortages this winter. Since April the Administration has been pressing petroleum companies to build up stocks, and now they have stored 217 million bbl., vs. 207 million bbl. at this time last year. As a result, Energy Secretary Charles Duncan last week said that the Government will stop its three-month-old program of paying $5-per-bbl. subsidies for imports of foreign heating oil refined in the Caribbean. This was an ill-conceived scheme that enraged Europeans, who charged that Washington was forcing up the price of heating fuel worldwide...
...fear now is that bureaucratic meddling may create distribution bottlenecks and local shortages later in the winter. New York state officials, for example, are concerned that in order to maintain their inventories at levels mandated by the Energy Department, oil companies are holding back shipments to jobbers, distributors and other middlemen, something the oil firms deny...
Republican Alan Greenspan, perhaps the most optimistic member of TIME's board, sees a roller-coaster recession: the economy, after its slight rise, will plunge steeply during the coming winter and spring. Unemployment, which has hovered at about 5.7% for the past year, inched up to 6.0% in August, and a majority of TIME'S board predict that it will reach 8% by next summer, meaning some 8 million Americans will be out of work. That is severe, of course, but not as bad as during the 1974-75 recession, when the jobless rate...