Thursday, July 4, 1974

Cedar Rapids Gazette

Location: Cedar Rapids, Iowa

Page: 8

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Text Content of Page 8 of Cedar Rapids Gazette on Thursday, July 4, 1974

Cedar Rapids Gazette (Newspaper) - July 4, 1974, Cedar Rapids, Iowa 4 Th? Od.ir Rapids Gazette: Thurs.. Jul\ 4. 1971 Saudis Become Maverick Among World Oil Nations CARACAS. Venezuela (UPI) — Saudi Arabia can afford to be the maverick among the world’s oil exporting nations, risking a breakup of the Organization of Petroleum Ex-porting Countries to keep oil prices down The No. I exporter. Saudi Arabia, supplies nearly 20 percent of the oil consumed in the Western world. But with a rudimentary, pre-industrial economy, a small population and vast oil reserves, it does not need additional revenue. Hardliners That's not the case with No. 2 Iran and No. 3 Venezuela, hardliners on the question of prices. Both have ambitious industrialization plans and limited reserves, so they want as much money as possible right now This year. Saudi Arabia will take in roughly $30 billion in oil income. Iran $20 billion and Venezuela $10 billion. The posted price of oil for taxation purposes quadrupled last year, but Saudi’s King Faisal feels that any further increase at this time could cause a world recession Tin rate has been frozen since .Jan I at $11 Ha per barrel for Saudi Arabian crude. At the June 15-17 OPEC meeting in the Ecuadorean capital of Quito. Iran and V enezuela wanted to increase prices and taxes OPEC’s economic committee had even recommended sin ti a course, suggesting a 0 percent posted price increase and a 58 percent tax increase. Saudi Arabia said no. urging a price decrease instead “We are not going to accept a price increase or a tax increase.” said Saudi Oil Minister Sheik Ahmed Zaki Yamani. a 42-year-old Harvard graduate. Compromised Faced with Saudi Arabia s opposition, the other ll OPEC members reached a compromise to avoid a rupture in OPEC, up to then a highly successful organization. The final decision called for a continued price freeze for the third quarter of the year coupled with a symbolic two percent increase in royalty They'll Do It Every Time taxes which will add less than one cent per gallon to the* cost of oil But Venezuela later went its own way. announcing it would raise prices as well as taxes effective July I although no figures were given And Saudi Arabia also acted unilateral!) on the other side of the spectrum. declining (wen to accept the royalty increase agreed to by the others. “Saudi Arabia is ac ting as a conscience against unnecessary price increases, and we appreciate its position." one member of the Venezuelan delegation said in Quito. Saudi Arabia exports nine million barrels daily, an amount equal to IV S. production, while Iran exports six million barrels and Venezuela, the main source of F. S. imports. three million barrels. The Shah of Iran, once the Persian gulf leader most courted by the U. S.. has given way to King Faisal. The shah was even called “irresponsible and reckless” by then oil czar William Simon in February when he implied the F. S. government was being hood-1 winked by the oil companies. Rewarded for Finding $4,000 PEKIN. III. (AP) - Hurl Welch found a money bag on a Pekin street a while back arid took it straight to the First State Bank of Pekin without opening it. Inside was $4.(MIO. At the time, Welch was unemployed and trying to negotiate a loan to open a used car dealership. The money belonged to Joe Murray, operator of a shoe store. He said he momentarily put the store’s receipts on top of his car’s trunk and drove off. forgetting about it. On Wednesday. Welch received a $100 reward and a gift certificate. He also got the bank loan for his business. which opened this week. “I didn t think it was such a big deal at the time.” said Welch To Order Your Action-Ad. Dial 398-8234 4- CELEBRATE THE 4 th By Switching to One of Our 4 Savings Programs When you ve got it... flaunt it! 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