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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 14, 1974, Lethbridge, Alberta Friday, Jun. 14, 1974 THE LETHBRIDGE HERALD-21 Nations weigh decision that could affect price of gasoline CAREERS Prem.er Premier resigns Boret of Cambodia, who resigned Thursday after m Phnom Penh Wednesday The countries that control 80 per cent of the world's petro- leum exports will weight deci- sions this weekend that could affect the prices paid for gaso- line and the rate at which poor countries pile up oil debts The Organization of Petro- leum Exporting Countries (OPEC) meets Saturday in Quito Ecuador, to determine their crude oil prices for the next three months and to at- tempt to set common policy OPEC nations unilaterally posted a fourfold increase in the price of crude oil last year that is still having repercussions in the world economy And thev proved the effectiveness of their cartel with the use of the oil embargo in the Mideast war The meeting is set against a background of a burgeoning world oil surplus and comes at a time when the international oil industry is undergoing fun- damental structural changes as oil-producing nations take increasing control of their own natural resources A basic item on the OPEC agenda is a decision on posted prices used to figure the taxes and royalties the producing country gets from oil the third quarter of this year FROZE PRICES Last March, the OPEC ministers froze posted prices until July 1, saying they were giving the industrialized nat-ons time to gam control of their "galloping inflation Posted prices vary but a common benchmark is Arabian light crude Currently its posted price is 65 a barrel (42 U S gallons) which means the companies pay about in taxes and royalties The companies have been getting about for the oil on the open market The ministers can raise the prices, as a number of them have suggested, leave them unchanged or lower them as advocated by Saudi Arabia A raising of the price would probably mean an increase in fuel prices for consumers, since the oil companies would likelj pass the hike along The ministers could adopt the suggestion of an OPEC economic commission that they leave the posted prices unchanged but raise the tax rate the companies pav on each barrel to 85 or 90 per cent from 55 per cent Abderrhman Khene secre Buy your tickets NOW! Avdilsblc 31 banfcs 1TWS1 companies, raises populaiT-es unions and let (jepr-rclinq in which province you I've OR Fill in and rul out form Mew and mciov your cheque or old0' lor SI 0 pet iirt-d (no rash Olympic Lottery Canada i-llff Lotene Olympique U Canada D us ur 1.1 1 tary-general of OPEC, said recently this proposal was de- signed reap the wmdfal profits of the Western oil companies He said the r'ompanies would be expected to absorb the increase But industry executives said the added costs would have to be passed along to the con- sumer Oil company officials say the tax increase could add a cent or two to the cost of a gallon of gasoline Both the United States and the Common Market govern- ments have specifically asked OPEC not to increase taxes, warning it would have a bad effect on international trade balances, cut the available aid to poorer nations and increase prices for industrial products SURPLUS A PROBLEM The world oil surplus, which developed following the end of the Arab oil embargo, poses another problem for the OPEC nations for it carries the threat of falling prices Some economists anticipate only relatively small variations in prices because of the surplus and foresee no bonanza for consumers The final factor in the OPEC meeting is the growing movement on the part of its member nations to take greater control over their own natural resources This trend means the inter- national oil companies will have less control over production of foreign crude oil and increasingly will become buvers and marketers of oil It also foreshadows eventual higher prices for consumers In the future we are not go- ne to make as much profit per barrel of oil as we ve made in the past.' said Raleigh Warner the Mobil Oil Co chairman Disclosure bill clears B.C. house VICTORIA (CP) The British Columbia legislature gave third and final reading Thursday to the Public and Emplovees Disclosure Act a piece of legislation that touched ott heated debate both inside and outside the house Onlv Conservative leader Scott stood opposed to third reading of Bill 85 after his amendment prohibiting frivolous malicious persons from seeing the disclosures of elected officials was defeated The recorded vote on the third reading was 44 to 1 with Hugh Curtis (PC Saanich and The Islands) breaking ranks and voting in favor along with all other MLAs Dr Wallace s amendment would have forced those who wanted to look at the disclosures to give their names and reasons for looking at the files Attornev General Alex MacDonald in saving the government would not accept the amendment said _the basic principle of Bill 85 is that the files should be public documents If the MLAs don t believe in that principle thev should have the courage to vote against the legislation he added During committee stage or clause bv clause study of the bill, the attorney general brought in the government s previously announced amendments to Bill 85 which change the effective date and remove contentious audit provisions to tne amendments the bill vvill become effective Sept 1 with provincial and municipal officials and some designated public emplovees given two from that date to disclose their financial interests Theft "once CAREER OPPORTUNITY FOR A COMMISSIONED SALESMAN If you enjoy selling furniture and major aoohances join a company where you can earnings1 of to annually You'll be eligible for our liberal benefits in- cluding Pension Plan, Health Plan and Life Insur- ance Apply in person at Zellers County Fair 1710 Mayor Magrath Drive, Lethbndge 1 rurrr nnriiniiiinu-i m i n n i IT 111 111 ni 1111 fiU p re "1 h 7" t" E j othpt D" iriupT" UJ O V) O a. O z iiiiiiiniiininn hanging AGGRESSIVE GROWING AGRICULTURAL COMPANY Looking for an individual with admin- stration ability, interested m an mterest- mg and rewarding career Permanent position Good opportunity for advance- ment Phone Mr. Frasz. 327-4494 MANAGEMENT TRAINEE We won't stop until we find him the man wno can help us take charge of our McDonald's Restaurant m Calgary and run it l.ke it was his very own A successful applicant will be a self motivated individual who relates well to people, has basic business intelligence and is willing to work to realize his ambitions Candidates please submit in writing a detailed resume in confidence to McDonald's of Calgary McDonald's Restaurants 15 Lake Twintree PI.S.E. Calgary, T25 2X4 If you want an opportunity to work in and experience Canada's north NORTHERN CANADA POWER COMMISSION HAS OPENINGS FOR: 2nd Class Stationary Engineers (3rd Class Cons.dered) Electricians (Journeymen) Lineman (Journeyman) (Aoprentr.ces Considered) Welder (Journeymen) Millnght (Journeymen) FOR ITS VARiOUS LOCAT.ONS IN THE NORTHWEST TERRITORIES -w PERSONNEL OFFICE NORTHERN CANADA POWER COMMISSION P.O. BOX 5700, STATION "L" EDMONTON, ALBERTA T6C 4J8 PRINCE