Page 1 of Aug 2 1979 Issue of Bluefield Daily Telegraph in Bluefield, West Virginia

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Bluefield Daily Telegraph (Newspaper) - August 2, 1979, Bluefield, West Virginia Pref lib a Aila lelf0tapbvol. Xxxiv no. 214 Srihn l Bluefield w. Va., thursday morning August 2,1979 15c0l? 50 Dollar s decline May Force another Oil hike new York a the organization of Petroleum exporting countries May be on the verge of raising Oil prices again because Many open members Are concerned about the fall of the Dollar and Are unhappy with the prices they set in june. Any increase decided on probably would be fairly Small analysts say particularly in comparison with the 42 percent Opecz a base Price has gone up so far this year. But it probably would mean an extra couple of cents a gallon to americans at the pump and on heating Bills. Opecz a next scheduled meeting is december in Caracas Venezuela. But the cartels members reportedly Are considering an extraordinary meeting late next month probably in Vienna Austria to discuss prices. Open prices currently Range from $18 to $23.50 a barrel. Earlier this week a kuwaiti newspaper Al is Wassah reported that contacts Between several members of open have taken place recently about the necessity of holding an emergency meeting of the organization owing to the new decrease in the value of the Dollar and its reflection on Oil the . Dollar is the currency open does business in. As it Falls the real value of their Oil declines. The Dollar s slide Over the past several years is one of the reasons cited by the open members in their decisions to raise the Basic Price of Oil by a total of 42 percent this year. At Opecz a last meeting held in Geneva in june the Cartel warned that a further 5 percent decrease in the Dollar from its value before the meeting would Force a special meeting to re evaluate prices and Opecz a dependence on the Dollar. A if the Dollar devalues then the Price of Oil is going to increase a Ali Khalifa Al Sabah Kuwait soil minister said at that meeting since then worries about the american Economy have pushed the Dollar Down As much As 3.5 percent against other currencies according to Bank of England Trade weighted statistics. While it has recovered much of that ground in recent Days some analysts fear it soon will resume its fall. The kuwaiti newspaper said open had so far concluded that the Dollar had not fallen enough to warrant a meeting but would reconsider the situation after the moslem fasting month of Ramadan which ends aug. 24. Page two column six Senate expected to refuse Bill rationing plan passes House Washington api the House approved legislation wednesday night giving president Carter standby gasoline rationing authority but the Bill was in such a heavily amended form it instantly produced a congressional deadlock. Congressional leaders said despite House passage by a 263-169 vote there now appears Little Chance of enacting a Bill acceptable to the president until after labor Day. Amendments added during House floor debate were expected to be rejected summarily by the Senate and a House Senate conference committee named to work out a Compromise. Chances of reaching that Compromise on thursday the last Day before the month Long congressional recess begins a would be very difficult Quot said rep. John Dingell d-mich., who managed the Bill on the House floor. New Princeton school rides with Bond Issue by Barbara Hawkins daily Telegraph staff writer if the Bond Issue election fails to gain approval in Mercer county on aug. 16, state better school amendment funds will not be available to construct a new Princeton High school anyway. That was the message of superintendent John m. Hughes during a luncheon meeting of the Princeton Athens kiwanis club at the Green Valley Steak House wednesday. Hughes explained that approximately $8 million reserved for Mercer county schools from the better school buildings amendment fund in Charleston has been earmarked by the state Board of education to be spent for correction of health and safety needs. If the Bond Issue fails and the school Board Calls for the Money from Charleston for improvement of local school buildings Hughes pointed out it cannot be spent for construction of one or two buildings but must be used to improve problems in the health and safety Fields in the county school system before construction projects can be undertaken. Hughes said that according to the Mercer county school system needs outlined in the comprehensive education plan for the county a there Are More than $8 million in health and safety Hughes squashed rumours that if the Bond Issue fails the Board of education will be Able a to build Princeton High school anyway with the better school amendment funds on an a a emergency basis. In reference to the reports that Princeton High school can be built even if the Bond Issue is Defeated Hughes told the kiwanis and their guests a that can to eight million in better school buildings amendment Money will have to be spent on health and safety needs throughout the there have been rumours circulating in the county for some time that if the Bond Issue fails the Board of education will seek the funds to use toward construction of Princeton High school and possibly a new Junior High in Bluefield. A we have More than $8 million Worth of needs a Hughes emphasized and indicated he can Forsee no extensive construction projects for Mercer county if the Bond Issue does not receive at least 60 percent voter approval when county citizens go to the polls on aug. 16. A if we done to do something right now its going to get worse a the school superintendent told club members in Page two column four White House officials chose to disregard the missed timetable for getting the Bill to Carter s desk and instead in a statement said the House Bill was a a Good beginning but we have a Long Way to House passage followed bitter partisan battling on the floor and the adoption of a number of amendments a Many which had Little to do with rationing. Sen. Henry m. Jackson d-wash., chairman of the Senate Energy committee predicted a congressional impasse saying some of the amendments tacked on by the House would be unacceptable to the Senate. Among amendments added wednesday was one by rep. Thomas j. Tauke a Iowa to require that the government establish a special tractor fuel Reserve for Farmers. It passed 229-191. Then the House voted 233-187 to establish a similar set aside for heating Oil in cold climate states. The Overall Bill would give the president the Power to a nose rationing during a severe fuel shortage. It would also allow the president to set and enforce Energy conservation targets for each state. House a Porova came less than three months after the House rejected a previous standby rationing Bill submitted by the president. Leaders credited summer lines growing Public awareness of Energy shortages and the president s new Energy Mitita Tives for the House decision to approve a rationing proposal this time. The president has made standby rationing authority a key part of the new Energy plan he unveiled july 15. Page two column six thursday comm West Virginia scattered showers and thunderstorms today highs around 80to the mid 80s. Partly Cloudy tonight with the Chance of thunderstorms everywhere except in the Northwest lows in the Low and mid 60s. Partly Cloudy Friday with a Chance of thunderstorms in the extreme South highs in the mid 80s to near 90 Virginia continued hot and humid through Friday with a Chance of mainly afternoon and evening thunderstorms. Highs today and Friday in the mid 80s to mid 90s. Lows tonight in the mid 60s to mid 70s Index few people attend Bridge .30 a garment Union brights.24 conference in Honaker bulletin Board .5 Page Al Church news.9 classified. 24 28 Ginseng digging in t fd"0r,ial a a a a a. As productive As magistrate report .3 i used Obe Mercer county notebook .8 a a Page 15 obituaries .2 or0f by a Larrv Woodall and random notes .30 David Wick Combine sch00 news .9 for a 2 hitter As Ocie a the local orioles win _ 0r sports Page 17 Stock Market .9 Necktie Swap Washington apr Robert c. Byrd has a reputation As a shrewd vote trader on the Senate floor wednesday morning he traded neckties. The majority Leader met with reporters at his desk on the Senate floor moments before the Senate convened. Before anyone had a Chance to ask him a question Byrd admired the Necktie worn by Roy Mcghee superintendent of the Senate periodical press gallery. Mcghee s Floral pattern tie was a Blaze of Bright colors. Mcghee returned the compliment saying he thought Byrd s tie with dark Blue figures on a Light Blue background was very Nice. Quot ill Trace you even up Quot said the West Virginia senator to the startled Mcghee. Quot it s a Deal Quot said Mcghee. They traded ties on the spot. Byrd said he thought he d gotten a better Deal Ana d going into his pocket offered Mcghee 30 cents. Mcghee declined end left the Senate chamber wearing a Blue tie with a Label that said Quot custom made for sen. Robert c. out of the Hills finally. . Benson right who hid out in the Hills of Eastern Oklahoma for 36 years after going awol during world War ii. Meets with reporters late tuesday night after being Given a discharge. His Nephew will Stacy left encouraged Benson to come out of hiding. He inner photo Coal to Oil process predicted to be competitive by 1990 Atlanta it api a an experimental process for turning Coal into a synthetic equivalent of crude Oil could be developed at competitive prices by 1990, according to a report released wednesday by the Southern co. The Atlanta based Utility holding company in a report to the Federal department of Energy said the process could provide a new alternative to foreign Oil. The Southern co. Has been working to develop the process a called solvent refining of Coal a for nearly a decade said William b. Harrison senior vice president of Southern co. Services the company a research and development Arm. The work was done in cooperation with two other concerns air products and chemicals inc. And Wheela Brator Fry inc. In a separate venture a Plant using an Sec process has been proposed for Energy Board gets Okay to Speed construction Washington apr in a Victory for president Carter the Senate Energy committee voted wednesday to give a new Federal Agency ultimate authority to expedite construction of High priority Energy projects. The 14-1 vote would permit a new National Energy mobilization Board to pressure local and state agencies to move quickly on granting permits for plants designed to reduce . Dependence on imported Oil. A the whole purpose of this is to get things moving a said sen. Henry m. Jackson d-wash., the committee chairman. The Board could consider All types of Energy sources but is mainly intended to Speed construction of Oil shale plants and Coal liquidation facilities. Gold Rote decreases new York a the Price of Gold after soaring to record Levels above $300 an ounce last week has dropped More than $15, partly because of optimism that the United states is now determined to fight inflation. The Price of Gold tumbled $8.25 to $290.25 by the end of business in London wednesday after being below $290 for much of the Day. The record London closing for the Metal was $306.25 july 24, but it traded last week As High As $307,375. In new York the closing Price of Gold fell to $290.35, off $6.35. A Gold is a Mirror of International anxieties a said James Sinclair the head of a Wall Street investment firm that bears his name and a Long time proponent of Gold As an investment. When speculators think that inflation or other economic problems will undermine the value of a currency they tend to sell that currency and invest in Gold. That sends the Price of Gold up and the value of the currency Down. Dealers say that the Choice of Paul Volcker As chairman of the Federal Reserve Board has renewed Confidence that the United states will impose a strict monetary policy to fight inflation. Page two column two construction of Oil pipelines refineries solar heating and Cooling units and wind driven Power plants could also be expedited under the proposal. On a tie 7-7 vote earlier the committee refused to permit a Blanket waiver of state and local zoning or environmental Laws. Sen. Bennett Johnston d-la., had urged that the Board be permitted a free hand without regard to local Laws to move ahead with construction of a Small number of super priority Energy projects. Louise Dunlop director of the environmental policy Center said after the vote she was pleased because local and state governments would retain the right to raise environmental objections. Morgantown . It would be built As a joint venture Between the Federal government and Gulf Oil. Two years ago the Southern co. Conducted the first test burning of solvent refined Coal at Georgia Power Plant Mitchell near Albany ga., under a Grant from the Federal government. Georgia Power is the Southern largest operating subsidiary. During the past year researchers discovered that the addition of a two stage liquefaction process to the refining process would enable the Plant to convert even High Fulfur Coal into liquids that Are essentially equivalent to conventional crude Oil Harrison said. By 1990, the process could produce gasoline at a wholesale Price of 75 to 85 cents per gallon he said. Adding dealer markup and taxes the retail Price of such gasoline would be about $1.16 per gallon said Southern co. Spokesman Gale Klappa. Solvent refining is a process by which Fulfur Ash and other pollutants Are removed from Coal before it is burned. The resulting product which can be made in either solid or liquid form is a clean burning fuel said Harrison the report to the Doe also outlines plans for a demonstration Plant near Newman ky., that could be operational by late 1983. Synthetic fuels like solvent refined Coal a have a vital role to play in the transition from Over dependence on imported Oil a Harrison said. A we believe the solvent refining technology could go a Long Way toward putting a Cap on the Price of foreign London Gold prices hundreds of dollars per of 310 300. 290. 280. 270. 260 250 240 230. Prices indicated Are the highest for each month. 1 aug. $290.25 a Jan. Feb. Mar. Apr. May june july aug. 29 22 2 30 28 25 24 1 1979 Price drops More than $15

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