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Lethbridge Herald Newspaper Archives

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The Lethbridge Herald (Newspaper) - January 2, 1974, Lethbridge, Alberta A news analysis JMMMry 2, THI UtTHBHIDOE HERALD 3 Oil countries jockey for power By CLYDE H. FARNSWORTH New York Hoes Service PARIS Political pressures and intrigues, economic considerations and a tremendous amount of jock- eying for power were behind the strategy of the oil states in easing their production cut- backs while more than doubl- ing their prices in the last week or so. What were the pressures? Who was calling the shots? What is really going on in the Middle East and what does it portend for the Geneva negotiations to bring stability to that tortured area of the earth? A recapitulation of events after a series of interviews by .correspondents of the New York Times in Paris and Beirut shows two principal forces at work in an amazing- ly complex political The one force is the Shah of Iran, Mohammed Reza Pahlevi, who, in a spectacular bid for power, pushed oil prices to the upper limits of credibility and unleashed what one French expert, Robbert Lattes, a Paris economist has called "the financial atomic bomb." The implications of the price move-, are still being assessed. But er is a complete break- down of monetary and trading arrangements because of the vast sums of money that now have to be transferred from the oil- importing industrial countries to the countries that export oil. The second force is King Faisal of Saudi Arabia, whose sparsely populated country has a third of the world's They gave Friendship Circle of United Church Women, Taberl 5.00 J. L. Alfred, Cardston. 5.00 Anonymous, Raymond 10.00 The Blue Fox and Family, Blairmore; The Little Beaver and Family, Crowsnest Pass Radio The Ericksons, Monarch 10.00 Lisa and Sherman, 10.34 C.W.L, Elizabeth Kearns, Raymond............ 20.00 Pilgrims (Grades 3-6) of the Pioneer Girls Group of Vaux- -hall..................25.00 Acadia Hutterian Brethren, Oyen................ Rosedale Hutterian Brethren, Etzikom............. 25.00 H.W.F.S., Picture Butte 25.00 St. Basil's C.W.L., Lethbridge........... 55.00 Anonymous, Lethbridge 100.00 Anonymous, Coaldale 500.00 Total 825.34 Total to-Date GENERAL FARM Presents The Weather SUNRISE WEDNESDAY SUNSET IT L Pre Lethbridge...... 2S 12 .08 Pincher Creek... 21 ,11 .13 Medicine Hat 22' 11 .02 Vermilion....... 21 10 .18. Edmonton 23 13 .15 Grande Prairie 22 15 .02 Banff........... 19 10 Calgary......... 26 9 .05 Victoria........ 39 24 Pentieton 24 19 Prince George -4 -22 Kamloops....... 20 11 Vancouver.....-38 23 Saskatoon....... 1 -3 .04 Regina........ -16-25 Winnipeg...... -21-25 Toronto......... 25 3 Ottawa....... -24 -2 .04 Montreal -23 -2 .04 St John's....... 31 25 .02 Halifax......... 44 26 .21 Fredericton..... 26 17 .47 Charlottetown 33 18 .17 Chicago 8 -2 New York 41 26 .04 Miami.......... 77, 73 Los Angeles..... 56 40 Phoenix 67 46 .01 Las Vegas...... 36 25 .42 Athens........59 52 Rome.......... 53 43 Paris.'.......... 36 32 London......... 36 32 Amsterdam 27 25 Moscow 34 27 Stockholm...... 39 34 FORECAST: Lethbridge Medicine Hat Today: Snow and drifting anew ending by evening. Oc- casional blowing snow. Winds N30-40, decreasing to N20. Highs 15-20. Low 5-10 above. Thursday: Mostly cloudy A few flurries. Highs 15-20. Calgary Weather warning continued. Today: Snow and blowing snow ending by evening. Winds N30-50, decreasing to N20 by evening. Highs 15-20. Lows 5-10r above., Thursday: Mostly snowflurries. Gusty winds. Highs 15-20. Columbia Kootenay Region Today: Sunny with a few cloudy periods except cloudy with a few snowflurries in ex- treme southern parts early this morning. Thursday: Sunny with a few cloudy periods. Highs today and Thursday 15 to 20 except 5 below to 5 above in eastern sections. Lows tonight 15 below to 25 below except 5 below to 5 above in western sections. MONTANA East of Continental Divide Winter storm warning to- day Gusty winds with snow giving locally near blizzard conditions many areas today. Snow decreasing to scattered snow tonight and Thursday. Not quite so cold east and south portions today. Highs both days 10 to 20. Lows tonight 10 blizzard conditions many areas today. Snow decreasing to scattered snow tonight and Thursday. Not quite so cold east and south portions today. Highs both days 10 to 20. Lows tonight 10 below to 5 above zero. West of Continental Divide Continued cold with scattered snow both days. Highs both days zero to 10 above. Lows tonight zero to 15 below zero. HAY BUSTER For chopping loose or baled hay and grinding all grain, the Hay Buster is the machine to do a good job. AVAILARLK NOW AT GENERAL FARM SUPPLIES Cowttt Highway, Box 1202 Phont 321-1161 Highway 1 reported bare' and dry. i Widening; of one mile sec- tion of Highway No. 3 east of Fort Macleod is m progresa. All remaining highways are in good driving condition OF ENTRY (Opening and Closing Carway a.m. to p.m.; Chief Mountain closed; Coutts 24 hours; Del Bonita I a.m. to p m.; Kmgsgate 24 hours, Porthill-Rykerts a.m. to midnight; Wild Horse 8 a.m. to 5 p.m.; Rooaevilfe a.m. to midnight. Logan Pass closed known oil reserves, and his alliance with President Anwar El-Sadat of Egypt the alliance that prepared the way for the fourth Arab-Israeli war, which broke out on Oct. 6. As a London petroleum economist, Paul Frankel, put it: "The Shah was the bad guy on prices and the good guy on the embargo; Faisal was the good guy on prices and the bad guy on the embargo." Why did Faisal relent and permit the relaxation of restrictions on supply es- pecially since his country now stands to receive far more money than it can ever reasonably spend? The reasons involved not only the internal politics of the Middle Bast but the relationships of the Middle East countries with the United States. Saudi Arabia needs the United States. She b'uys American military equipment and she counts on the United States as an ally in combating Communism in the Arab World. The cutbacks were having their effects on the west and threatening to create in- dustrial havoc. The possibility of a backlash by the consumer nations, diplomatic sources reported in Beirut, could not be ignored. Secretary of State Kissinger had already warned of possi- ble retaliatory measures. His proposal for an energy action group North America, Western Europe and Japan to deal with the oil shortage was interpreted in the Arab world as a follow-up to the threat of retaliation. Faisal did not want to do- anything that would align the consumer countries in a Common front, which is what could have happened, had the embargo policy been pushed too far. His minister of petroleum affairs, Sheik Ahmed Zaki Al- Vamani, and Belaid Abdesalatn, the Algerian minister of industry and energy, had visited a number of Western European countries, some considered pro-Arab. They were reported deeply impressed by the adverse effects of the cut- backs on the economies of those countries. While the embargo was hav- ing its effects, it was also leaking. In fact, the'psy- chological shock to the con- sumer countries was probably more important than the ac- tual shortages. To date, Europe still has plentiful supplies. Japan, thebiggest importer, stood to be hurt first and wont. What was happening was that non-Arab oil was moving in ever larger quantities. On the Arab side, the biggest leak was Iraq. A large producer, Iraq has actually been increasing her output. She needs the money and wants capital investment from the West. The radical leaders in Baghdad are also, fundamentally hostile to Faisal's feudal regime. The second biggest leak was Libya. Libyan oil is even reported to be flowing to the United States through Carib- bean refineries. The Libyan leader, Col. Muammar EI-Qaddafi, turned maverick because of the alliance that President Sadat of Egypt made with Faisal; Qaddafi had been rebuffed in his efforts to form a union with Egypt. These breaks in the Arab front were an em- barrassment to King Faisal. Algeria also played a role in the Arab strategy, according to the recapitulation made by the Times's correspondents. Like Iraq, Algeria is a pop- ulous country with ambitious and badly needed develop- ment programs. The Algerian leader, Col. Houari Boumediene, said in an interview published in Beirut on Dec. 12 that the policy of oil cutbacks was hurting the Algerian economy; that, unlike'other oil producers, Algeria had rather skimpy currency reserves and her economy was tied directly to that of western Europe. Boumediene also did not want to jeopardize a huge natural gas deal that Algeria bad just concluded with the United States. The cutbacks were in effect, cutting the income of all Arab oil producers at time when they had taken on TOW com- mitments to help Egypt and Syria meet the burdens of the war with Israel. then, was a definite connection between the cut- back policy and the price for oil. Some Arab states needed the money badly and the Shah was anxious that his own power in the Persian Gulf be increased as a result of the conflict. Iran, though Moslem, is not an Arab country. She, too, has been increasing her oil output to earn more money. Then there is the Shah's un- official alliance with Israel as Westerners see it, essential to Iran for balance of power. "The Shah does not want to be surrounded by a sea of an analyst said. Israel in fact gets roughly a third of its oil supplies from Iran, according to petroleum specialists in Europe. The only way Iran could increase its influence was through financial power. This was seen by analysts here as the reason why the Shah pressed so hard on the price front, against the advice of Faisal. "They have .broken the sound said one British economist. "We now have oil prices we didn't ex- pect for 10 years. The reper- cussions will be with us for a long time." STRESS-How You Can Cope With It Have you suffered from severe depression or anxiety at one point or another in your life? Do you know how to provide your "children with better de- fences against depression and anxiety in later years? How much stress, can you yourself take? Rate yourself on the stress quotient test in January Reader's Digest and find out what your tolerance is. Find out why it is vitally important for you to learn how to recognize and cope with the different symptoms of stress. Read COPING WITH STRESS one of 32 articles and features in January Reader's Digest. Get your copy today! -and CARPETS LTD, 326 5th Street South, LethbrMgo -Is Pleased To Announce Their... Christmas Car Draw Winner Pictured above is Mr. Casey De Jager, Manager of Capitol Carpets offering con- gratulations and presenting the keys to lucky winners Mr. and Mrs. Dean Wilde of Welling, Alberta. Standing next to-Mrs. Wilde is Mr. George Taylor, Capitol Fur- niture and Carpets Ltd. sales representative who assisted Mr. and Mrs. Wilde with their purchase qualifying them for the Christmas Draw. The Management and Staff of Capitol Furniture and Carpets Ltd. extend their sincere Thanks to everyone who participated in the Contest making it such an over- 1 To All Our Customers and Friends... Best Wishes For A Happy New Year! Black's MEN'S SHOP Starts THURSDAY 9 a.m. Sharp! Once a Year... and ONLY once a Year. Canada's finest men's clothing all slashed in price to make this annual sale one you won't want to miss. SUITS Quality fabrics by such famous brand names as: Warren K Cook, Cambridge, Saville Row and Hyde Park H25 SPORT COATS 2 Groups 50 and WOOL AND KNIT SLACKS Pair only Sport Shirts Dress Shirts Turtle Necks Sweater Vests laeh TOPCOATS Real Great Buys at this price! EACH PULLOVER AND CARDIGAN SWEATERS Ski Ctf CMS. Eft. OUTERWEAR 73 A GOOD SELECTION OF HATS Your cnOfCtt Black's On Fourth Avenue Open TIN 9 ThwnMknj Mlojntt MEN'Sl SHOP nn Hi RKwdi AN Alttntitus Eitnl ;