Lethbridge Herald, The (Newspaper) - November 21, 1973, Lethbridge, Alberta
K-THI LETHiniDOE November i VIENNA Ten Arab oil-producing countries decid- ed Sunday to give most of Europe a one-month reprieve in petroleum cuts in'recogni- tion of a European Common Market political stand generally interpreted as pro- Arab. The United Japan and the Netherlands were ex- cluded from the pause in the Arab oil cuts imposed in con- junction with the October Middle East war as a means. of pressure against Israel and its supporters. That means that unless some new political developments the pinch on oil deliveries to Americans. Japanese and Dutchmen will continue un- abated Canada advised not to impair U.S. oil markets Europeans get Arab oil break The U.S. gets only about 10 per cent of its petroleum from the Middle East. But with the general energy that margin has become increasingly important. Europe and Japan depend heavily on the Arabs for and the cuts have raised fears of a serious fuel shortage tltis winter. The 10 Arab countries an- nounced after a surprise meeting here that an ad- ditional fiveper-cent reduction in production that had been planned for December will not be carried out with regard to sales to most European countries. The decision means that supplies of oil to with the exception of the should be the same in December as in when they already were sharply reduced. The Arabs said they took this step appreciation of the political stand taken by the Common Market countries in their communique regarding the Middle East EATONS curJ in n your GOME TRUE CARD Stuffed Sam Doll has yellow cotton overalls and painted face. 1.55 Stuffed Suzie Doll has yellow cotton pig- blue white polka dot dress. 1.55 Save on entertaining and education play toys in stocking filler variety. 4 or more items on phone orders please Flower pot assembly kit 1.55 Asst'd. model kits Tiny Junior league ten Secret agent 4-string mod for ages 8 assortment pin bowling US machine gun 1.55 guitar pick US and over. 1.55 Slinky walking Sno-jet slide-a- Fun Finger puppets spring toy boggan 60x21 US front'n rear 1.55 with play scene 1.55 c rs sotfped snap-lock by 8 cc by 'Fisher Price 1.55 FISHER Price 1.55 Jingle bell blocks 8 Devil chopper die Pump'n go western Deluxe Guild Jigsaw Rhythm teaching Straw sewing bas- hobby horse- perbag cast metal US locomotive US Puzzle soo US ket just for gun grip pieces. her US handle US Hannv Hour Plight 28-Piece Tea Set Ser- with travelling Flower power Roily Teddy Pre-Sch- vice for four plus tea Jewellery Set Toy Flying Hats Exciting nd nlav rMme- truck ool Hardwood Toys pot and lid. Made of ring game of skill for all Raggedy Ann Or 1W 1.55 plastic. .55 and setl.tt ages. 1.55 Lower Floor Phons 327-8551 for 4 or moro Horns. Shop Eaton's Thursday and Friday Prom to 9 for thoso oxclting 1.55 toy valuos. Coming Friday... Eaton's Big Pro-Christmas Surprtso Sato. Watch For It. EATON'S TORONTO Even if the United States Middle West was cut off do- mestic reserves of conven- tional crude oil would not be able to supply the Canadian market by oil consultant Hu Harries of said Tuesday. Mr. speaking at a seminar sponsored by the versity of Toronto's faculty of management must not impair our long-term markets in the United States to meet the short-term needs of Canada if part of the market which can best be served in the future by im- ported Quebec Premier Robert Bourassa has said he would welcome a crude oil pipeline if there was no charge for trans- porting oil through and if it could be closed when cheaper oil becomes available. Mr. Harries said this may be difficult to when it is realized that supplying Quebec with western crude would involve now cutting off the traditional American markets with scant hope of ever getting them It would be folly to spend million on a pipeline to Montreal until Quebec is con- vinced it wants to be supplied permanently by a Canadian crude supply. He suggested that the federal government support purchases of crude oil for areas east of the Ottawa Valley from funds collected through export taxeas on crude oil Bruce president of Union Gas Ltd. of attacked the federal and Alberta governments in his speech at the seminar. He described the of federal oil and natural gas pricing policy as incredible. Mr. Willson said the com- petitive enterprise system cannot ensure the availability of any country's energy re- quirements. And he added that Alberta cannot and does not world prices for its oil and gas from other parts of Canada. He said there can be no long-term benefits if the producing industry is allowed to try for a quick return now by letting prices soar and depleting Canada's oil and gas reserves in a short time period. Unless the federal govern- ment's indicated policy is it will require Cana- dian consumers to pay much higher prices for their own energy resources than U.S. consumers will pay for yet it is in the U.S. where the crisis He criticized the federal government for its lack of pre- paredness and said the delay created much of the tension and bitterness that exists now in Canada. the threat of shor- tages was imposed on us by world Ottawa had no policy in place on which to base its actions and reac- even without a Ottawa had to No need for panic on stock market MONTREAL The stock market has been reacting to the energy situ- and countervailing trends may come into play to ease the Finance Minister John Turner said Tuesday. Mr. Turner said in a speech to the Institutional Investing in Canada conference here that there is no need to get about possible oil shortages. Canada is probably in a bet- ter position than most other countries in regard to oil sup- plies and should not ex- aggerate the danger of poten- tial oil shortages to continued healthy growth of the econo- mies of the western Mr. Turner said. The immediate worry is for heating supplies in Eastern he said. The finance minister said Donald energy will be announcing proposed conservation measures in the Commons on Monday. IT CAN BE DONE Mr. Turner said he believes that the feeling in the country is that Canada has the ability to bring together the physical and financial resources to un- dertake the huge energy pro- putting an ex- cessive strain on our economy so long as their timing is carefully Earlier oilmen at a panel discussion told delegates that much of the billions of dollars of capital required to develop energy such as the Alberta oil sands and Arctic gas and oil will have to come from improved earnings for the oil companies. Through its export tax on the govern- ment has kept Canadian oil producers from raising their prices to world levels.for crude. Mr. Turner said he is con- fident the Canadian financial system can meet the challenge of financing the ma- jor energy and am convinced our finan- cial capacity can be further strengthened by moving toward establishment of both a Canada-wide system of securities' regulation' and a Canada-wide stock exchange U.S. consumer prices advance WASHINGTON Consumer prices rose sharply in the United States last' month following September's owing partly to the energy crisis and higher prices for fuel oil and gas- the government said- today. The labor department re- ported that the cost of living climbed eight-tenths one per cent in and pushed consumer prices up 7.9 per cent above a year ago. It marked the largest jump in any 12-month period since the 8.7-percent inflationary rate recorded in the 1950-51 period at the start of the Korean War. In addition to sharply higher prices for gasoline and fuel rising costs for mortgage interest rates and health insurance contributed significantly to the October rise in the government said. A decline in meat and poultry prices was more than offset in the statistics by large increases in prices of restaurant meals and some food and some grocery store prices. Food prices rose one-tenth per cent following a drop of seven-tenths per cent in Sep- tember and record six per cent jump in August. Grocery prices actually de- clined three-tenths' of a per cent but the drop was offset bv a 1.8 per cent jump in food purchased away from' including restaurant meals and snacks. egg and pork prices fell sharply they did in prices for beef and veal declined as but prices for most other food sold in grocery stores went the government said. SERVICE COSTS JUMP Prices for non-food com- modities jumped nine-tenths of one per cent. in- cluding mortgage pay- ments and medical fees rose 1.1 per an increase not equalled since 1970. The over-all rise in living costs last month followed a three-tenths per cent rise in September and the near- record jump of 1.8 per cent in August. The price spurt in non-food commodities and services ap- pears to reflect an economy still gripped in inflation. The consumer price index in October moved up to meaning that it cost con- sumers to purchase a variety of goods that coat in the 1967 base period. The labor department also reported that real spendable earnings of U.S. the lake-home pay after fell six-tenths per cent in Oc- tober and was 3.3 per cent below a year ago.