Word: outputted
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While global demand has been slipping, OPEC'S share of the market has also been diminishing. Mexico, Britain and other non-OPEC producers have increased their output and become more significant in the world oil trade. From a production level of 31 million bbl. per day in 1979, OPEC's output has dwindled by nearly one-third, to little more than 21 million bbl. daily, its lowest rate since the 1960s. One sign of OPEC's declining clout came last week, when the U.S. Government signed a five-year contract to buy some 110 million...
...biggest losers from these changes in the world energy market are three of OPEC'S leading price hawks: Libya, Nigeria and Algeria. These countries have steadfastly forced customers to pay as much as $40 per bbl. Since April, output in Libya has dropped by nearly 60% to 750,000 bbl. daily. The decline has been steep as well in Nigeria and Algeria. Both nations have limited petroleum reserves but large populations and ambitious economic development programs that they hope to pay for with the income from oil exports...
...three years of tax cuts, people will put away more than the 4.7% of earnings they now save. An increase of only 1% in the savings rate from U.S. personal income of $2.1 trillion would provide $21 billion in extra money for new plants and equipment, increase industrial output and jobs, making the economy grow...
...Novelist Stanley Elkin (The Living End), 51, professor of English at Washington University in St. Louis, who suffers from multiple sclerosis, was given the use of a $13,000 Lexitron by the school. Even before he was disabled by the disease, claims Elkin, the processor would have accelerated his output: "You don't have to screw around erasing and crossing out, finding a clear place in the forest to drop the next hat. If I'd had it in 1964, I'd have written three more books by now." Chicago Author William Brashler (The Bingo Long Traveling...
...these mergers were taking place against the backdrop of a vibrant economy, there might be little cause for concern. But Government statistics released last week showed that U.S. business remains in the doldrums. During the second quarter, the output of goods and services fell at a 1.9% annual rate, raising fears that the nation is entering its second recession in two years...