Word: outputted
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...Arab nations increase their oil output, most economists expect the world price of crude to drop; and, indeed, last month the major oil-exporting nations appeared to recognize that the dizzying upward price spiral had ended. At a meeting in Vienna, they pledged to hold the line at $10.80 per bbl. until June 30. Last week, however, Indonesia surprisingly lifted its price to $11.70, thus violating the freeze agreement...
...prices were rising at a 5% annual rate, Nixon suddenly imposed a wage-price freeze followed by the fairly effective controls of Phase II. By January 1973 the inflation rate had come down to about 3%, and Nixon lifted the controls during Phase III?just when restrictions on farm output and Government stimulation of the economy during election year 1972 were dangerously elevating inflationary pressures...
...main reason for their silence is that the Arabs now face a tough choice between increased output and higher prices; they cannot have both. U.S. Energy Chief William Simon estimates that during the embargo period world daily demand for oil fell 5 million bbl. below prewar forecasts, to 46.4 million...
Bicycles are far and away the most popular vehicle in the modern world. The annual production of 35 to 40 million bicycles far outstrips the worlds output of automobiles. In most developing nations bicycles represent the only viable means of transportation, and even in the United States, more bicycles than cars are sold...
Since then Shultz has won a few and lost a few. He foresaw shortages of both food and energy and kept pressure on the President to end restrictions on farm output and oil imports-two steps that were belatedly taken within the past 14 months. And he persuaded finance ministers of the world money powers last year to let currency-exchange rates float in response to supply and demand, a practice that has provided a measure of stability for the international monetary system...