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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 10, 1982
Page
25
A historical note identifies a common home product, the electric meter, as turning 100 during the 1980s. The Raleigh North Carolina calibration by a Westinghouse employee ties this model to the 1888 Westinghouse Shallenberger meter lineage, noting long life, wide temperature tolerance, and low maintenance under $30.
UPI reports U.S. stocks slide to a four month low as deficit concerns and high interest rates curb a rebound. Dow jones falls to 830.57, NYSE and NASDAQ indices drop, trading volume rises, with analysts predicting further declines before a floor forms.
Southern California tests the ultimate self service gas station where eight USA Petroleum stations debit customers' checking accounts via a debit card and four digit code. The 24 hour system links to All State Savings to authorize and record purchases with a three month trial slated before nationwide expansion.
Saudi oil minister Sheikh Ahmed Zaki Yamani said no emergency OPEC gathering is justified and that $34 per barrel for Saudi crude should hold for two years. January output slipped to 7.9 million bpd from 8.5 million. OPEC next meets May 20 in Quito. Iran cut prices by $1. Britain lowered North Sea oil to $35.
A Continental Oil Company study warns the non Communist world still faces oil-supply disruptions through the century. U.S. oil demand is projected to fall to 15.5 million b/d by 1990, then rise to 16.3 million by 2000, with imports dipping and later rising. Imported oil remains 36 percent of U.S. needs in 2000.
Dr. Kerry L. Johnson, Irvine California based management and sales effectiveness consultant, will address Cedar Rapids Board of Realtors at an 8 a.m. breakfast meeting at the Longbranch Supper Club. Johnson is co author of Build a Better You-Starting Now and has studied motivational psychology and human communication theory.
The Washington Post reports rising federal borrowing to fund a 757.6 billion budget and 91.5 billion deficit. Analysts warn record Treasury sales will squeeze private credit, push rates higher, and crowd out housing and auto lenders as deficits grow toward 130.2 billion in 1982 and 124.2 billion in 1983.
The Fed reports December consumer installment credit shrank by 173 million, ending 17 months of increases. Auto credit dropped 91 million and a miscellaneous category fell 346 million, while total new credit reached 26.9 billion and payoff was 27 billion, though year total rose 6.3 percent in 1981.
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