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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 19, 1975, Lethbridge, Alberta 40 THE LETHBRIDGE HERALD Wednesday, February 19, 1975 Foreign ownership U.S. wonders whether turn-about should be fair play By PETER BUCKLEY WASHINGTON (CP) Led by such world-ranging giants as Exxon, Standard of California and Gulf, the United States investment in energy resources abroad has long been least in Canada, where about three-quarters of oil and gas production is said to be U.S.- owned. It's not entirely a one-way street however. A new government study shows growing investment by foreign interests in United States energy resources, competing oh the home ground of the American mammoths. And, spotted as sparsely as raisins in an orphanage pud- ding, a handful of Canadian-based companies has moved in to grab at what the giants leave behind. The 75-page survey of "foreign ownership, control and influence" on American energy sources, prepared for Congress by the Federal Energy Administration comes amid a national debate about foreign investment in the United States, particularly investment by the newly- rich oil-exporting states of the Persian Gulf. "International economic conditions are changing and popular political sentiment is clearly going in the direc- tion of additional restrictions" on foreign investment, writes Jack Friedman, a specialist with the New York ac- counting firm of Arthur D. Little Inc. FEA administrator Frank Zarb told Congress in his report the U.S. "must be assured that the nature and magnitude" of foreign participation in U.S. energy resources "is consistent with our long-term national and international energy interests and programs." In short, the United States is starting to wonder whether turn-about should be accepted as fair play. Zarb's report calls for, at the very least, improved methods for monitoring foreign ownership of U.S. energy resources and a study of possible controls. It quoted commerce department estimates that the book value of foreign direct investment in U.S. energy in 1973 amounted to billion and has been increasing at a rate of nearly IS per cent annually since 1970. Foreign ownership represented less than 12 per cent of total U.S. energy interests. American investment in foreign petroleum, meanwhile, was said to be about WO billion, but the recent growth rate was only half that of foreign investment in U.S. resources. Four European-based United Kingdom's Burmah and British Petroleum, Belgium's Petrofina and the Netherlands' for more than 90 per cent of the foreign ownership the FEA report said. But of 27 foreign-based coi npanies with interests in energy resources, 21 were ased in Canada. The Canadians' activities cover exploration, production and sale of oil and natural gas, and mining of uranium and coal. The report makes no attempt to determine whether any of the companies based in Canada are themselves controlled by foreign interests. But it said a downturn in drilling activity in Canada might produce increased growth in foreign development of oil and gas resources in the United States. "Some Canadian companies view the Canadian govern- ment's tax and royalty levies on petroleum to be un- reasonable, and consider its energy export policies too the report said. "The more favorable U.S. economic and energy-marketing climate will likely at- tract new capital from the north." Husky Oil of Canada is shown as the fifth-largest foreign oil-and-gas producer in the U.S., with 1973 produc- tion of 4.3 billion barrels of petroleum and 8.3 billion cubic feet of natural gas. Canadian Hydrocarbons has a 40-per-cent interest in two Colorado uranium producers, the report says, and markets propane and petroleum products in several northwestern states as well. Exploration and production of oil and operation of various pipeline interests are attributed to Dome Petroleum while a number of other Canadian based companies are also said to be active in oil and gas development. Three Ontario steel Dofasco and reported to produce nearly 10 million tons of coal from American mines in which they have a total or partial investment. The report also notes a new invest- ment by Ontario Hydro in a Pennsylvania coal mine. Rio Algom mines is reported to be producing small quantities of uranium ore at a Utah site. Save gallon Sears fine paint leaves a lasting impression. Covers every household need-walls... ceilings... trims in just one coat-guaranteed! 24 colors. For 3 days only Your choice 99 gallon Sears e-2-inch brush. 30B 040 632. 3-inch brush 30R 040 634. roltar Ml. Just great for 1-coat paints 30R 040 702. Reg. 3-wav acrylic latex wall finish a-Save gal. For living rooms, bedrooms, halls. Guaranteed (a) one-coat washable surface stains, marks remove easily and (c) colorfast for long-lasting freshness. Dries in vs hour. Fast, soapy-water clean-up. Reg. gal. 30R 010 349. 24 decorator colors fsee Quart Reg. S3.79. 3-way oil base semi-gloss enamel b-Save gal. For wells, woodwork and furniture in any activity area. Guaranteed (a) one-coat oiliconjzed finish so hard grease and grime wipe off easily and (c) spot and stain resistant. Reg. gallon. 30 H 010 412. 24 decorator colors (see Quart Reg. J3.79. 4-way latex semi-gloss enamel c-Save gal. Perfect for kitchen and bathroom walls, wood- work. Guaranteed (a) one-coat washable (c) color- fast and (d) spot-resistant. Ones to a soft, medium sheen in just 'A hr. Soapy-water clean-up. Reg. gal. 30R 010 192. 24 decorator colors (see below) Quart Reg. J4.49. S3.TS. Pure-Pure White ceiling paint pal. New heights of beauty! Latex paint Is specially formulated for ceilings. Guaranteed one coat'. So easy to apply on with roller or brush. Drips, splatters wipe up with damp cloth. Dries In V, hr. Reg. gallon.' 300 010 187. Quart Reg. 05 Bone White 28 Spring Leaf 47 Antique White 06 Winter White 30 Sunflower 65 Strawberry Pink 14 Grape Violet 32 Lt. Sunshine Yellow 67 Loganberry 17 Lilac 34 Orange 82 Turquoise 18 Champagne Ivory 35 Apricot 87 Azure Blue 21 Glacial Green 36 Amber Gold 88 Dusk Blue 24 LI. Mint Green 37 U. Parchment 95 White 25 Avocado 39 Caramel 99 Sky Blue 318-6th St. South Phone 329-3646 Lelhbridgn, Alberta PRESCRIPTION SERVICE AVAILABLE Specials in effect until Wednesday, Feb. 26th, 1975 NICE'EASY HAIR COLOR 1.49 CLAIROL BALSAM HAIR COLOR 1.49 CREST TOOTHPASTE 150ml. 1.09 VASELINE INTENSIVE CARE LOTION 14 oz. 1.19 SENSODYNE TOOTHPASTE Economy 1.09 RIGHT GUARD 6oz. .99 VITAMIN C 100mg. 500's Chewable 2.39 LIGHTBULBS Pkg. of 2 100 or 60 watts .39 SOFTIQUE BATH BEADS 16oz. .99 CALCIUM SANDOZ SYRUP 8oz. 1.79 EX-LAX INSTANT MIX .89 MAGNOLAX 16 oz. 1.19 DIOVOL 12 oz. Liquid or tablets, SO's 1.59 DRISTAN NASAL MIST 15ml. .89 AMROt 22 oz. 1.19 BOYS' SWEAT SHIRTS 100% cotton (S.M.L.) 2.29 PHOTO FINISHING 25% OFF CX126-12 1.09' C 135-20......1.65 CX 126-20..... 1.39 KM, KR 135 KA464-P......3.99 399 Cl 10-12......1.29 KM, KR 135 36P 4.99 C110-20......1.59 PoloroidSSfilm 4.45 CX 1.19 Poloroid 108 film. 5.15 WHITE CROSS CALCIUM CLUCONATE METAMUCt 1201......... BRADOSOL LOZEMES 24'i PANTYHOSE size Nta all WABASSO FLORAL PRINT PUONCllSf Pair WABASSO (SINGLE) best Available from coast to coast in Canada through all Simpsons-Sun stores, this very special offer is the sincerest effort Simpsons-Sears on make lo bring you mwchindise that combines fine quality with lowest possible price.' Enjoy it now! Use your All Purpose Account. At Simpsons-Sears you get the finest guarantee. Satisfaction or money refunded. Simpsons-Sears Ltd. Store Hours: Open Dally a.m. to p.m. Thursday and Friday a.m. to p.m. Centre Village Mall. Telephone 326-9231 WABASSO (DOUBLE) FlOMl SHEET Top or bottom........ MEN'S WORK SOCKS TAttBOrSTitS in......-............ LktriMAIStrtt 1SOI. FLASNCUKS 3'a.................... IWOWERCWES .59 1.29 21.79 HT 2.88 5.44 5.88 .59 .69 .69 1.29 1.49 2.09 1.09 1.39 79 io C-135-20FIUI Roll WIAN'NSrlf 6.50Z SUN COUNTRY 2s 1.19 SUPER BRAVO FLOOR WAX CAMTEX FACECLOTH 100% cotton Dwllkfu Stun Viprlar wMVNMli nCK'SVWORH lot.............. VASELINE INTENSIVE CANE IATHKAK STONE HOURS Mon. to Thur. Frl. 9-9 1.69 7.49 1.29 1.39 INE 2.05 ;