Word: conservationism
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Faced with an OPEC oil embargo in 1973, the country found enough willing sellers who were not members of the cartel to keep going nicely, while developing its coal and nuclear power. Within two years, thanks to conservation measures and its growing program to convert coal to oil, South Africa...
But any investment strategy must adapt to the times; and since January 1, Cabot says, a glut of oil on the world market caused by increased production in the Middle East as well as stepped-up conservation efforts has made oil issues less attractive, reducing their prices by an average...
OPEC's sales are slumping in part because the sky-high cost of crude has made consumers far more conscious about conservation than almost anyone had thought possible. In the U.S., consumption has dropped by 6.2% from year-earlier levels, and imports have slumped by more than one-fifth...
In McKie's view, much more conservation is still possible. Said he: "We have shown an extraordinary ability to conserve oil and other forms of energy. Given enough time to install the technology, and to revise old habits, we can expect the gains brought on by conservation to continue...
Why? The answer is that though environmentalists are not about to be hanged, the conservation programs they know and love seem in grave danger of being done in -if not within a fortnight, then soon.