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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 18, 1975, Lethbridge, Alberta Domestic oil benefits myth producers say CALGARY (CP) Oil in- dustry officials say raising domestic oil and gas prices is important to Canada's energy self-sufficiency, but that is only part of their problem. "It won't do us any good if domestic prices rise to world level but we cannot get our fair share because of govern- ment royalty and taxation said Scotty Cam- eron, general manager of the Independent Petroleum Asso- ciation of Canada. Which is why, said John Po- yen, president of the Cana- dian Petroleum Association, see any real rela- tionship at this time" between the increase in oil prices an- nounced by the Organization of Petroleum Exporting Coun- tries (OPEC) and oil prices in Canada. Premier Peter Lougheed of supplies most of the domestic oil west of the Ottawa earlier this month that the wellhead prices of Alberta crude oil will be increased after the winter. Industry officials say the initial increase will likely be a barrel, effective shortly after the domestic oil price agreement ends March 31. Mr. Lougheed said after the Nov. 18 federal budget that Alberta was no longer bound to an agreement, reached at the first ministers'- meeting earlier this year, freezing do- mestic oil at a barrel. Quebec and the Maritime provinces will also be affected by an increase in Alberta's wellhead prices, as Energy Minister Donald Macdonald has said the tax on crude oil exported to the United States, Foreign action aids Calgary firm CALGARY (CP) The chairman of Westburne Inter- national Industries Ltd. of Calgary has provided an ex- planation of why his com- pany's profits have increased despite "damaging" policies of federal and provincial PWA buys new jets EDMONTON (CP) Pacific'Western Airlines has announced plans to purchase four new Boeing 737 jets dur- ing the next 12 months at a cost of about million. The move also involves gradually removing seven turbo prop aircraft currently in service during the next 18 months and the gradual layoff of some of its 300 pilots. The reduction in flight crews is to begin next month. The four new aircraft will provide PWA with an all-jet fleet. Airline executives said the two electras and five con- vairs will be retired. Al Campbell, vice presi- dent of northern operations here, said Friday the lay-offs will be gradual and the airline does not have any idea how many pilots will be released. H. H. Smith Ltd. Customs Broker COUTTS Home Office PhOM 344-3822 governments on resource tax- ation. Since the company operates on a global basis, it intensifies its foreign operations, es- pecially in the United States, where "demand for drilling equipment reached un- precedented J. A. Scrymgeour said in a special report to shareholders and employees. While exploration is slump- ing in Canada, "the change in the world oil pricing structure has encouraged exploration throughout many parts of the he said. "Westburne will continue successfully to use its energy and resources to maximize our profits from this worldwide market West- burne rigs are now operating, or will be operating in the near future, in Indonesia, Iran, Algeria, the North Sea, Brazil and Gabon." Mr. Scrymgeour said West- burne moved 12 drilling rigs from Alberta to the U.S. and "profitable contracts have been signed for all these rigs and it is expected that our operations will be further ex- panded." "It is still possible to bring back the flow of investment capital to he added. "But it will be a cautious and painful process until the politicians come together as responsible and mature men to settle the problems fully." Recall TORONTO (CP) Sehick (Canada) Ltd. has announced the recall of model .numbers 339 and 340 electric styling hair dryers purchased since last Oct. 1 because of "possi- ble existence of a hazard" in their construction. GOT 58 MILLION ACRES The Northern Pacific Rail- road- was given an estimated 58 million acres in 1872. ANNOUNCEMENT NU-MODE HOMES LTD. and NU-MODE REALTY are pleased to Congratulate Jerry Nagel and Bob Sapsford for their achieve- ments in real estate sales and listings in 1974, their totals are as follows: Bob Sapsford Gnrry Nagsl Gerry and Bob invite any of their friends and customers to give them a call on any real estate need. Nu-Moae 1277- 3rd Ave.S. now a barrel, would be reduced as domestic prices increase. Eastern Canada is currently sheltered against the price difference between western oil and imported oil through subsidies paid by Ottawa out of the export tax, a major complaint by the industry and the producing provinces of the West. Industry sources estimate that if domestic oil prices in- crease to a barrel, gaso- line prices will rise by six cents or more a gallon. Mr. Cameron said there is a "myth" that each time do mestic prices increase, the in- dustry -automatically adds to its profits. While producers would get 68 cents more if the domestic oil price increased by a barrel in the new Alberta Petroleum Ex- ploration industry would be better off if the prices were not increased in Saskatchewan, he said. "Under existing federal and Saskatchewan may sound ridiculous but it is higher the domestic price, the more money the in- dustry would lose." He said the industry would lose 84 cents if the price of oil were increased by 'in Sas- katchewan. That is because the Sas- katchewan government, with its 100-per-cent supplemen- tary royalty rate, would take away the entire increase while Ottawa, by disallowing the deduction of provincial royalty payments in com- puting federal income tax, would still tax the industry 30 per cent of the "increase." Charles Hetherington, president of Panarctic Oils Ltd. of Calgary, said frontier energy resources cannot be developed unless world prices prevail in Canada and govern- ment royalty and taxation policies are changed. Elusive ship sold LONDON (Reuter) Hal- ycon the Great, the British tanker which fled from New- foundland last October pur- sued by RCMP patrol boats, has been sold to Transocean Tanker Services of Monrovia for million, the ad- miralty marshal's office an- nounced Friday. It was understood the 000-on vessel will trade under the Liberian flag and be renamed Energy Prosperity, the statement said. When the ship's former owners, Court Line, collapsed last year, the skipper, Captain Brian Greenwood, decided to leave Placentia .Bay to ensure his 65-man crew received back pay and were reunited with their families in Britain. Canadian refinery owners alleged non-payment of fuel for the ship and police patrol boats unsuccessfully chased Halycon the Great. It was arrested by the admirality marshal when berthing at Tilbury docks near London on Nov. 1 on a writ issued by Court Line creditors. Announcement Saturday, January 18, 1975 THE LETHBRIDGE HERALD 27 Erratic sugar still anticipates decline MONTREAL (CP) Although sugar prices, sliding since November, bounced up this week, the long-term forecast still is for con- siderably reduced prices, in- dustry spokesmen said Friday. Refined sugar prices have been declining steadily from a record high of 77 cents a pound Nov. 21 to 46 cents a pound Tuesday, when they started inching their way up. Wednesday, the price was almost 48 cents a pound, which then increased Thurs- day to 50 cents, where it sat Friday. Neil Shaw, president of Redpath Industries Ltd., Canada's leading sugar refiner, repeated in an inter- view earlier predictions the over-all trend of sugar will be to lower prices. By June, 1976, he expected the price to be down to 25 cents a pound. On the London futures market this week, refined sugar for June, 1976, delivery was posted at 35 cents a pound. Bill Brown, president of the Canadian Sugar Institute, look a similar stand. He said erratic behavior of sugar prices can be expected, but the fluctuation should not be more than 10 cents a pound in any week. He also repeated earlier predictions that the over-all trend will be for lower prices by mid-1975. Alf would like to (hank his many friends and customers who made II possible for him to achieve the 1.000.000 D.C.M. award In All's sales from thru totalled and enabled him to join the few real estate salesmen who sell over in a year; If you are in the market for a new home, give All' a call at 329-4161 or 328-2651 and he'll be happy to help you. ADVANCED DEFENSIVE DRIVING COURSE Starts Wednesday, Jan. 22 p.m. at the ALBERTA MOTOR ASSOCIATION AUDITORIUM 608-5th Avenue S., Lethbridge an inventory for immediate delivery R. ANGUS HAS IN STOCK AND CAN PROVIDE IMMEDIATE DELIVERY OF THE FOLLOWING CATERPILLAR-BUILT EQUIPMENT: Track-type Loaders MODELS 931- 1 cu. yd. Bucket 941B- cu. yd. Bucket 955L- 2 cu. yd. Bucket 977L- 2% cu. yd. Bucket Track-type Tractors MODELS D4D (Power shift) D5 (LGP) Wheel-type Loaders MODELS cu. yd. Bucket 920- cu. yd. Bucket 966C- 4 cu. yd. Bucket Excavators MODELS -1 cu. yd. Bucket 235-1 2Vz cu. yd. Bucket Wheel Tractor Scrapers 20 cu. yds. 627B- 14 R. ANGUS ALBERTA LIMITED CATERPILLAR. CAT CB ARE REGISTERED TRADEMARKS OF CATERPILLAR TRACTOR CO ;