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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - July 31, 1974, Lethbridge, Alberta guiy L.C i nemwuE n No Canada-U.S. urgency any more Oil swaps scheme dead issue Fireman on fire Aides rush in to smother flames on fireman LOUIS Sadler wno was inside a burning house when an explosion occurred was reported in serious condition Sea law pact doubtful CARACAS With the law of the sea conference more than hall over hopes for anv wide-ranging agreement among the 150 member countries are dimming as the tonlerence proceeds The spectre ol failure has been looming almost visibly over the ultra-modern Central Park centre since Alan Beesley head of anada s delegation introduc ed a woiking paper in the plenarv session The 19 articles in the paper were thought to cover only Henerallv accepted issues and the lengthy debate and vote it invoked were quite what we were hoping lor Beesley said The usually quiet and digni- lied plenary hall was buzzing consultations and argu ments tor a half hour follow- ing the announcement of the paper The stir was technical- ly over a procedural point of order that the paper should have been introduced in a committee room Beeslev explained lhat the paper would have more weight it presented in and that its contents went bevond the mandate of any one committee It was noted bv the Cana dian government press officer Philip Kirsch that the countries which voted the presentation out of order were ones which had opposed Canada s position on one or more of the issues The significant thing about the vote is not really who voted against us he said It s those 39 abstentions We can look to those countries for support when the push comes to get something ac- complished Reaction outside the Cana- dian delegation has been much the same A proposal like this was needed two weeks but was held up by the never ending observed an American delegate ing as it does so late in the I doubt very much it'll mean any more than the other two tons of paper we've produced here one of the countries who voted against the presentation of the ex- plained that their opposition was not over the procedural issue but against one article the paper namely the continental shelf definition There are only a small num her of countries whose shelf extends beyond 200 but two of Canada and In- dia are co-sponsors of the paper which includes a provi- sion to extend the coastal state jurisdiction William Bote of Kenya criti- cized this saying its inclusion could an other- wise very learned and workable paper The other Chile New Zealand and are in the process of presenting their positions in committee The paper does not reflect the national position of any one of the and is an attempt to reach a com- promise between vastly differing as an ex- ample to the rest of the conference By JEFF CARRUTHERS Herald Ottawa Bureau OTTAWA Despite the re- cent green lights of approval from the National Energy Board and U S energy of- the concept of oil swaps between oil companies on both coasts in Canada and the United States is a issue at least for the time being The main according to oil industry is tnat there is no longer a driving is sufficient eco- nomic justification anyone in either country to want to swap oil When interest was highest last winter in the idea of sup- plying Canadian western crude to the U S west coast in exchange for equal quantities of U S crude for the Canadian east coast both countries were facing supply shortages Even as late as April of this year some oil companies and government officials thought a swap might be economical in that it would save the trans- portation waste of bunker Canada to move oil from Vancouver to Montreal via the Panama and for the U S to move oil via the Panama up to the west coast But oil industry sources note that now there is a slight oversupplv of about 3-milhon to-6-milhon barrels of crude in the world market Perhaps more important the oil companies maintain there is a major disincentive to any oil swaps at present a difference of about a barrel between the 20 a barrel oil export charge U S companies would have to pay for Cana- dian swap oil m the west and the approximately 20 a barrel import subsidy Cana- dian oil companies would receive for imported U S oil on the east coast The which companies in any swap would have to compares with the to per barrel transportation costs to move crude oil from Van- couver via the Panama Canal to Montreal The Canadian government has so far indicated no willingness to make any exception in either its oil export charge or import subsidy programs to allow oil swaps And the National Energy despite its recent in- dication it would look on oil swap applications has to date received no appli- cations for such company-to- company oil swaps Industry sources said that no major companies are seriously considering such swaps at the moment They added that if supply and-or oil price conditions change again for the the economics of such an oil swap could improve and interest could pickup again They noted that last Decem- ber and January when oil companies in both countries were very interested in oil swaps to head off supply problems caused by the Arab oil the National Energy Board turned thumbs down on the idea Canada was concerned that the Arabs might interpret such swaps as breaking the embargo against the U S and that as a result the Arabs would add Canada's name to the black list Future consideration of oil swaps in times of tight supply might also involve such inter- national political problems A related sign that interest has disappeared in the swap idea is that the movements of Canadian crude oil from Van- couver to Montreal via the Panama Canal have dwindled to a trickle in recent weeks Most eastern oil companies are finding it cheaper to buy subsidized imported crude than transport domestic crude oil east via the Panama Canal or the Great Lakes even with world tanker transport charges dropping once sources said Both industry and govern- ment sources stressed that any oil swaps would be purely business between companies in both countries The governments would not be directly involved other than regulating the oil movements across the borders and the prices Such oil swaps if they ever do take place would undoubt- edly n.volve conliacts with force majeure the industry sources said Thus if the U S as an example could not supp- ly Canadian companies with their share of the oil on the east coast the Canadian suppliers in the west could in- voke 'force majeure and keep the oil for Canadian one source noted This counters concerns that Canada might end up swapp- ing secure domestic oil for insecure imported crude oil rerouted from the U S Ask About The NEW INVISIBLE Multicocal Lens OPTICAL PRESCRIPTION CO. Eve MARANJO'S Summer Clearance FINAL 3 DAYS FRI. SAT. Balance of Regular SUMMER SANDALS OFF Large Selection of SANDALS Reg to 50 00 CLEARANCE pair 199 ONE TABLE SHOES and SANDALS SALE Selection of SUMMER HANDBAGS V3 OFF Short and Discontinued Lines MEN'S SHOES Reg to 37 00 CLEARANCE PRICE Large Selection ONE TABLE SHOES and SANDALS 999 OUR COMPLETE LINE OF FALL SHOES HAVE MflfflMQ WORLD OF SHOES Open Thursday till 9pm. 317A Sixth Stieet South Reserves PITTSBURGH PAINTS QUALITY Best Value in every Price Range The makers of Pittsburgh Paints recognize that paint look for a product that suit both their dgc and their requirements a par- ticular paini That's why we manufacture a range of qualities that fit into the or category We think that all repre- sent outstanding value m their price range GOOD QUALITY Economy priced oil type house paint BETTER QUALITY Sun Proof House Paint Sun-Proof Latex Exterior Walerspar all-purpose enamel BEST QUALITY One Coat Wonder White One Coat Exterior Latex PITTSBURGH PAINT GLASS CENTRE kl 497.1 We're rushing as slowly as we can. Now that our Alberta plants are back in operation we're doing our best to fill your store's counters with Maple Leaf foods. But we just can't rush right past the quality controls that have made Maple Leaf foods so desirable and so dependable. Our exclusive curing and smoking processes take their own sweet time. So do our cooking processes. And many other steps we take to prepare our foods before we send them to market W .ere we we're rushing. So you can expect to find Maple Leaf foods in abundance soon. M3PLG tear Canada Packers Limited ;