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Lethbridge Herald Newspaper Archives

- Page 34

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Lethbridge Herald, The (Newspaper) - May 3, 1973, Lethbridge, Alberta 34 THE UTHBRIDGE HERAID Thursday, Miy 3, 1973 Fuel cry makes Middle East oil a burning issue BT SIDM-V VIENNA i Ileuter Middle East producers and Western oil consumers are heading into a new battle over oil prices with indications that producers will win at least a partial victory al- though a political crisis may be the final result. After 15 months of relative tranquiliiy. the West faces a de- mand for an ll.l-per-cent in- crease in oilfield delivery prices. Even if the powerful Organ- ization of Petroleum Exporting Countries (OPEC) is only par- tially successful, it will add to the cost of motoring and will have a sizable impact on indus- trial prices everywhere. Oil i? so I'ita! to the West that the smallest price change sets off a chain reaction from which virtually no producing or processing industry is immune. The price demand conies at a time when Western govern- ments are trying to organize themselves to meet a threat- ening world fuel shortage and to protect themselves against the collective jxnver of the small but immensely rich pro- ducing countries. The" price and the broader question of supply and demand arc inextricably linked. Thry may cause major trouble for Western governments this' year. Poiitics involved Arab leaders who have pushed hard a tough policy on Israel are among the most vigorous ui the struggle over oil. Vast royat'ies available OPEC may be in the region