Word: outputted
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...group of 128 top oil executives who advise the Interior Department. At a meeting in Houston last week the council predicted that unless rationing is clamped on gasoline and heating oil "immediately," the economic consequences could be chilling: at the worst, a decline of $26 billion annually in output of goods and services in the first quarter of 1974, as well as an unemployment rate that would hit 7.5% or 8% next year...
...only about 75% of its usual petroleum supply. The full impact of the shutoff is expected in about three weeks, when the last of the shipments from the Persian Gulf are unloaded at American ports. To stretch available oil stocks through the winter, U.S. refineries are already scaling down output, and suppliers are starting to ration petroleum products to their customers. The energy drought could lead to a decline in industrial production and rising unemployment, which could pitch the U.S. economy into a recession. Reacting to just those fears, the stock market suffered its worst one-day plunge since Black...
...basic raw material used in many products, including chemicals, paints, plastics and synthetic textiles. Other industries-steel, aluminum, electric power-use large quantities of oil in the course of production. When petroleum supplies become pinched and prices push up, these industries may well be forced to restrict output and raise their own prices, thus putting even more inflationary pressures on the economy. The new oil crisis, says James Wall, president of Celanese Chemical Co., confronts the American economy with "probably the most complex and vital development of the past 20 years...
...Arab countries that pledged two weeks ago to reduce oil output at least 5% a month began vying with one another to go farther than that individually. Four of the biggest producers-Saudi Arabia, Kuwait, Algeria and Qatar-decreed immediate slashes of 10%. That will produce a global shortage; before the cutbacks, world oil production had been barely 2% ahead of demand...
Indeed, the improvement in the farmer's lot will probably last for many years. Prospects are strong that world demand for food will continue to grow rapidly, auguring a good return for farmers-and stiff prices for shoppers-in the foreseeable future. Simultaneously, farm output will rise because the Government, in a historic and long-overdue policy shift, will no longer pay farmers to hold down production. Butz warns farmers to expect shortages of fertilizers and of propane gas used to dry grains. But barring drought, blight or flood, the men and women on the land can look forward...