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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - August 31, 1974, Lethbridge, Alberta Saturday, August LETHBRIDGE HERALD-27 Belt-tightening, higher prices in store U.S. oil goal an impossible dream Solemn occasion Saskatchewan Premier Allan Blakeney (right) and the province's Liberal lead- er, Dave Steuart, joined forces briefly in Regina to escape the rain at a ceremony dedicating a memorial to the late W. Ross Thatcher, premier from 1964 to 1971. NEW YORK (CP) The window dressing is slowing being stripped away from Project Independence, the so- called grand design to make the United States self- sufficient in energy by 1980. When Richard Nixon first proposed the project last fall during the Arab oil embargo, a lot of Americans got the im- pression that in five or six years and at a cost of hundreds of billions of dollars the country no longer would have to depend on costly im- ported crude oil from the Mid- dle East. But federal energy chief John Sawhill now says there has been confusion over the in- tent of the project, that Nix- on's statements have been misinterpreted. The Federal Energy Ad- ministration, headed by Sawhill. has been holding a series of public hearings in various cities on Project Independence. In New York last week, ex- perts from the energy in- dustry, investment bankers, consumers and other representatives from the private sector testified dur- ing a four-day period. When they were through, it became clear that Project Independence is an impossible dream by 1980 but possible a decade or so later. Without huge amounts of government money and guarantees to bauk up private investment, financ- ing on such a scale seems out of the question. Sawhill told Americans last Thursday that President Gerald Ford had instructed him to draw up blueprints for project Independence to be submitted by November. "The goal of Project Inde- pendence is to put the country in a position where by 1980 we are not vulnerable to an em- bargo." Sawhill said. But that wouldn't mean the U.S. would stop importing energy fuels in the 1980s. U.S. energy officials seem- ed to be gearing the American public for a new round of energy belt-tightening and much higher fuel prices in the future while Project Inde- pendence gets off the ground. It is obvious the United States cannot continue to sus- tain huge deficits in its balance of payments because of oil imports. However, big increases in prices of American farm exports helped keep the red ink down. The July deficit of mil- lion was almost triple that of June and raised the red ink count to nearly billion for 1974. If oil was excluded from the trade balance, the U.S. would have had a surplus of S12.4 billion for the first seven 7 STORES SERVING SOUTHERN ALBERTA FOR THE PAST 50 YEARS STORES AT BARONS, BOW ISLAND, CARDSTON, COALDALE, PICTURE BUTTE, TABER AND LETHBRIDGE Block K Decker BLACK DECKER 7V4 COMB SAW BLADE SO50 2 ALARM CLOCK AWARDS Daily Draws every 50 minutes a lucky customer making a purchase will win a prize 5 FOOT CLEAR VINYL CARPET RUNNERS 99 Each BISSELL FLOOR CARPET SWEEPER "BIG" BUTANE CIGARETTE LIGHTER ENAMELLED DOUBLE BOILER Reg. 1 LANTERN Complete with Battery 2 STOCKS ARE LIMITED ON SOME ITEMS WE RESERVE THE RIGHT TO LIMIT QUANTITIES 60 or 100 WATT LIGHT BULBS Pkg.of2 HOUSEHOLD BRUSHES ANY ITEM Decorative LAMPS EACH FREEZER CONTAINERS SET OF 2 BATTERY CABLE Q END 25' TROUBLE LIGHT 6 FOOT CORD HEAVY DUTY 50 OZ. BOND FAST CUBE TAP STARTING PLASTIC PAIL GLUE ________ FLUIP MAGNETIC BROOMS months of 1974. The customs value of U.S. oil imports in July was billion for a record 201 million barrels. That was a 15-per- cent increase over June Oil economist M. A. Adelman of the Mass- achusetts Institute of Technology has labelled Proj- ect Independence as a catch- all title for American policies aimed at limiting imports of oil and natural gas. "The market now is being run by a group of sovereign states, who are beyond the influence of anybody, and will set the price where they can get the most revenues." Adelman told the energy hearings. While he supports the pro- ject, he said it would be terribly expensive. Politically, he was concern- ed about the arms build-up. Arms manufacturers from the U.S. and other countries are selling huge quantities of weapons to Iran and the smaller Persian Gulf states. "There is a huge arms buildup now just starting at the Persian Gulf where every little patch of barren ground and sea water is worth fighting over because of its potential he said. The oil cartel of producing countries now accounts for more than 80 per cent of The world's oil purchases and are rapidly gaining control of their own production. For many years Adelman. a world authority on the oil in- dustry, has insisted that the major oil companies are noth- ing more than tax-collecting agents for the Arab oil produc- ers. He said that for U.S. domestic oil. gas. coal and any unconventional energy sources to maintain and ex- pand output, there must be a protection against the risk of the cartel either collapsing of itself, or deliberately lower- ing prices for a limited time to drive competing energy sources out of business and discourage attempts at self- sufficiency. The danger is great because the floor to cartel prices is near zero." he said. Adelman said that in order to induce investment in domestic energy sources, it will be necessary to set quan- titative limits on cartel im- ports so that the domestic in- dustry is assured of certain minimum sales. OAS moves to end Cuba's isolation WASHINGTON (AP) With United States acquiescence, the Organization of American States (OAS) is gearing up for moves to end the decade-old Cuba embargo before the end of the year. The OAS embargo resolution of 1964 grew out of a complaint by Venezuela alleging Cuba-inspired subversion in that coun- try. Because most hemispheric countries no longer fear Cuba is a threat to security, diplomats say the commission of inquiry is likely to conclude that a continuation of the embargo is no longer justified. Until now. the United States has been an avowed supporter of the embargo, citing Cuba's attempts at subversion and its close military ties to the Soviet Union. The mutual animosity between former president Richard Nix- on and Cuban Prime Minister Fidel Castro is mentioned by of- ficials as an additional contributing element to past American policy. Mexican Foreign Minister Emilio Rabasa. whose govern- ment wants to end the embargo, met with State Secretary Henry Kissinger on Thursday and broadly hinted to reporters that American policy is one of non-interference on the Cuba question. Seven hemispheric countries have ignored the embargo and have established diplomatic and commercial relations with Cuba._____________________ Solution sought to labor turmoil OTTAWA (CP) Labor- management relations have become of vital concern and a source of worry for many Canadians. Labor Minister John Munro says in his annual Labor Day message. "Most of us are well aware of how easily certain dispute situations can have harmful residual effects on people and on economic sectors not directly Mr. Munro says. to confronta- tion must be found; our inter- dependence demands this." Mr. Munro says the labor department will invite labor and management to par- ticipate in examining the state of labor relations in the next year and to search for more effective means of resolving difficulties. "We in the department of labor can in no way guarantee that confrontation between groups won't at times be un- reasonable and even damaging. But neither can we calmly accept that disruptive conflict will always be with us to strain the economy and our society." he says. In his Labor Day message, Joe Morris, newly-elected president of the Canadian Labor Congress, calls for recognition of the past efforts of workers who struggled to improve their lives. "On Labor Day, we recognize the contribution of all Canada's workers to the growth and well-being of our nation. We pay tribute to the workers of the mills, fac- tories, stores, offices and mines, whose hard work and industry built and developed our he savs. ZOOS POPULAR More than 130 million visits were recorded at United States zoos last year. C J EQUIPMENT RENTALS 1410-2ndAve. S. Phone 328-4765 CON BETE DRILLING yr to 20" CONCRETE SAWS BOB CAT LOADER 4 Sizes TARGET DISTRIBUTORS SAWS-DRILLS BLADES ETC. EXPERT OPERATORS 1 X SALES SERVICE 1410 2nd Ave. S. Phono 328-4765 ;