Lethbridge Herald, The (Newspaper) - September 11, 1974, Lethbridge, Alberta
LETHBRIDGE September No price relief expected from oil-exporting nations WASHINGTON (CP) De- spite increasing evidence of the havoc imposed on the World's economies and food supplies by high oil prices, there is little hope in Washington that oil-ex- plorting countries will permit the price to drop in the near future. Representatives of the Organization of Petroleum Exporting Countries cartel that embraces the Arab producers along with Iran, Venezuela and other major ex- to meet Thurs- day in Vienna against a background of continuing pressure from oil-pinched countries to ease the burden. Indications are that the OPEC countries will stand firm for at least three months. Alternatively, they might decide on even higher prices to counteract the effects of inflation on the products the OPEC countries must buy. No one seriously expects a price reduction. A clear indication of OPEC determination has been their reaction to a fall-off in world demand for oil and a subse- quent build-up of supplies thai threatened to force prices down. Led by Kuwait and Venezuela, the OPEC countries began reducing Kuwait's case, by one-third. Even Saudi Arabia, which long favored an increase in production and lower prices, has apparently decided to go along with the-other ex- porters. U.S. Treasury Secretary William Simon may have been anticipating an unfavorable decision from the Vienna meeting when he called Tues- day for a series of measures designed to encourage more energy production from domestic American sources. He told an American oil pro- ducers' meeting that all price regulations for oil and natural gas should be ended, some environmental controls modified and federally-owned oil reserves exploited. Simon at one point hoped to persuade or pressure the Arab producers into accepting a one-third drop in average world oil prices. More recent- ly he seemed to look modestly for mere stability in prices through a reduction in world demand and an increase in alternative energy supplies. The effects of increased oil prices which trebled in little more than a year are becoming daily more apparent to economists and politicians. Fears of worldwide recession and economic chaos are being spelled out by a growing number of public figures. As billions of dollars have flowed into the treasuries of the oil-producing countries, the price of energy-dependent goods and services has shot up. There has also been a decline in money available for other purposes in oil- importing countries, bringing a noticeable decline in real economic growth and in employment. Not all of the current troubles can be blamed on oil. Inflation was a substantial problem even before OPEC's price increases, with the cost of food and numerous other commodities rising sharply. But the sudden jump in the price of oil, which fuels much of the major Western countries is another problem to cope with along with other aspects of inflation and recession. B.C. seeks new lumber markets VICTORIA (CP) Premier Dave Barrett said Tuesday British Columbia's top forest industry executive will ac- company him on his trip to China later this year. The premier said on an open-line radio show that B.C. (will be seeking new lumber markets in China and he has therefore invited MacMillan Bloedel president Denis Tim- mis and Jack Munro, Inter- national Woodworkers of America regional president, to join him on the tour. Prices effective till Saturday closing September 14th, 1974. We reserve the right to limit quantities. CANADA NO. 1 GRADE CARROTS Ib. bag CALIFORNIA CANADA NO. 1 GRADE GRAPES 49 39 o o BETTY CROCKER CAKE MIXES POWDERED DETERGENT TIDE 5 Varieties, 19 oz.net wt.pkg. 5-lb. King Size Box SWIFTS LUNCHEON MEAT PREM B-B-Q12oz.nvlwt.lii 59 1 79 0 99 0 PURITY LWIl 20lb.natwt.bag ROSEDALE CHOICE PEAS 14fl.oz.tins 3A9 C SNOCAP FISH AND CHIPS 20 02. nit wt. pkg. SNOWVALE CHOICE STRAWBERRIES 15 or net wt pkg VALLEY FARM FRENCH FRIES 2 nitwt. pkg. ALL L-MART MEATS ARE GOVERNMENT INSPECTED AND 100% GUARANTEED TO SATISFY GOVERNMENT INSPECTED BURNS SMOKED Whole or Shank Half GOVERNMENT INSPECTED 'TASTEE' FROZEN Cut Up Tray Pack. Ib. STEWING FOWL GOVERNMENT GROUND BEEF GOVERNMENT INSPECTED CANADA GRADE 'A' BEEF BONELESS BLADE ROAST GOVERNMENT INSPECTED BURNS CAMPFIRE SKINLESS OHUOHUL Mb. net wt. pkg POSTS' SUGAR CRISP 13oz.netwt.pkg. FACIAL TISSUE CHECK THESE ADDITIONAL VALUES 69' 2i99' 49' Assorted Colors, 200's pkg. KLEENEX TENOERFLAKE LARD 1-ib.netwt.pkg............... DR. BALLARD'S CHAMPION DOG FOOD Beef Beef Cheese Chicken Liver 15 or. net wt tin KRAFT i PEANUT BUTTER .....1 89' 3i67' N ALLEY'S TANG SALAD DRESSING MINUTE PUDDINGS 32 fl. or jar Assorted Flavors, 4 or. net wt. pkg.