Word: conservationism
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So far, there is no sign that the oil producers are willing to do so. The Saudi and Iranian governments have talked of shaving the price a bit, but the most optimistic estimate of how much they might cut is 10%. A reduction of that size would not give the...
At the moment hundreds of millions of surplus barrels of oil are in storage tanks round the globe. With less business from the U.S., the OPEC states would have even more surplus capacity on their hands. The cartel is already reducing production; to maintain high prices in the midst of...
The strategy to those ends is no mystery. Indeed, it has been repeated so often that it has the hollow resonance of a cliché: The U.S. must increase domestic energy supplies while decreasing consumption. Studies by the Ford Foundation and the Federal Energy Administration present the options in detail...
Harvard can continue to cut costs, to institute better and more centralized management procedures, to conserve fuel and supplies, and to closely monitor the expense accounts of its various budgetary units. But while neoclassical economists can't tell us how to deal with the current stagflation, they can tell us...
Only slightly less serious are the situations in Honduras, Burma, Burundi, Rwanda, the Sudan and Yemen. Additionally, poor harvests threaten food supplies in Nepal, Somalia, Tanzania, Zambia and even the Philippines and Mexico. In Haiti, because of disregard for soil conservation, hundreds of thousands of subsistence farmers face starvation. Whole...