Word: outputted
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...itself in an abnormal condition of near omnipotence. Alone among the major combatants, the country emerged from the fighting vastly strengthened. The U.S. held a nuclear monopoly and an industrial dominance so great that in 1950 America accounted for no less than 50% of the world's entire output of goods and services...
...above one of Communism's cherished tenets: social priorities, not market forces, should determine prices. Though the Soviet Union is the world's leading oil producer (averaging 9 million bbl. per day last year, v. 8.5 million for Saudi Arabia), domestic and Eastern European demand will outstrip output by 1980. The Soviet Union and its Comecon partners are already importing small quantities of high-priced Middle Eastern oil, mainly from Iraq, Iran and Libya. Hence the Soviets are in a rush to develop new Siberian fields. They must invest lavishly in expensive Western equipment and drill...
Last year its output of goods and services leaped nearly 40%, to $25 billion -mainly because its oil revenues hit $10 billion. Among the members of the Organization of Petroleum Exporting Countries, Venezuela stands out for its additional wealth in iron ore, asphalt, diamonds and hydroelectric power. In Caracas, a new skyscraper seems to rise every day, a new millionaire to appear every hour, and traffic jams to grow worse every minute. Drawing boards bulge with expansive economic plans, and the democratic, staunchly nationalistic President Carlos Andrés Pérez -whom everybody calls "Cap"-yearns to extend Venezuela...
...backlands on the Orinoco River, more than 200,000 people have already clustered in the government run, iron-and-steel community of Ciudad Guayana, where international businessmen come to swing deals, dine on fine French food and gaze upon spectacular waterfalls. Pérez aims to raise steel output from last year's 784,000 metric tons to 5 million tons by 1978, and to 15 million by 1985. If those hugely ambitious goals are met, Venezuela will have a multibillion-dollar export to fall back on when the oil dries up-or slips in value...
...current production levels, Venezuela's proven reserves will run out by about 1990. The government intends both to deplete the reserves slowly and to keep prices high. Like most members of OPEC, Venezuela is reducing output to bolster prices in the face of shrinking demand. From 3.3 million bbl. per day in 1973, the country's production slid to 2.9 million last year and is 2.5 million at present...