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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - September 27, 1974, Lethbridge, Alberta 32 LETHBRIOOE HERALD Friday, September 27, 1974 No oil shortage foreseen unless Arabs turn off taps OTTAWA (CP) Motorists and householders, who shivered a year ago at reports of a threatened winter oil shortage, have little to fear this winter, say energy of- ficials. The outlook for supplies is bright, they say, and no prob- lems are the Arabs unexpectedly turn off the oil spigot, as they did last year. "Compared with a year ago, we are in a good said Energy Minister Donald Trudeau hopes to meet Ford OTTAWA (CP) Prime Minister Trudeau said Thurs- day he hopes to meet Presi- dent Gerald Ford for talks on economic issues before the end of the year. "I think the world economic situation is Mr. Trudeau replied after a cabinet meeting, when asked to comment on recent statements by Mr. Ford and his secretary of state, Henry Kissinger, that the world appears headed for a re- cession. "They're obviously a bit more pessimistic than I am or the Canadian government is, but I don't want to indicate that the situation is not quite serious." Mr. Trudeau said he had been discussing the possible date of the meeting with Mr. Ford for about a week and hoped it could be held before the end of the year. Macdonald in an interview. "A survey we made shows high inventories, a good supp- ly situation." Those statements are echoed by others in the energy field, both in private industry and government. Imperial Oil Ltd., the coun- try's largest oil company, says the supply picture looks good and it foresees no dif- ficulties in meeting winter fuel demands. The supply contrasts sharp- ly with a year ago September, when consumers heard government pleas to cut driv- ing and reduce home heat. BETTER SCENE The major reason for the about-face is the improved in- ternational scene, experts say. However, they still are keeping a wary eye on the volatile Middle East. It was following out- BANKRUPTCY SALE ACME TV COLLEGE MALL ONLY UNTIL SATURDAY I TV STEREO AMPS SPEAKERS A All Sales Final No Refunds or Exchanges T Cash Cheque Chargex Mastercharge break of war between Israel and the Arabs last fall that production was cut in Arab oil fields and shipments were em- bargoed to some countries. That put oil in short supply on the world market, where most crude for Eastern Canada is purchased. For a while, federal officials feared the eastern market might be short as much as of the batrels imported daily. But a combination of a mild winter, conservation of energy and shipment of western crude oil to Eastern Canada prevented shortages. U.S. customers, who last year frantically bought all Canadian oil available, have not been purchasing as much as is available this fall under National Energy Board licences. At times, shipments to the United States have been fall- ing barrels a day below authorized export levels of barrels, said a board spokesman. Authorized export for October is barrels a day. And eastern refineries are not taking as much domestic crude as the board has set aside for them, the board says. In October, barrels of crude is being ear- marked for shipment east through the St. Lawrence seaway and the Panama canal, less than half the 700 barrels set aside during September. With an oversupply on the world market and prices soft- ening, both U.S. and eastern Canadian refineries find it more economical to buy foreign oil. The only dark spot in the supply outlook for the winter is a shortage of natural gas from northern British Colum- bia fields, where technical problems have led to reduced production. James Rhodes, chairman of British Columbia Petroleum Corp., said any shortfall in supply would go to the American market. MORE THAN TOTAL PRIZES IT'S THE BIGGEST DRAW IN THE WEST! There will be 1908 lucky ticket holders! FIRST PRIZE SECOND PRIZE THIRD PRIZE S 5 FOURTH PRIZES each CONSOLATION PRIZES SELLER'S PRIZES TOTAL PRIZES 1 900 at 00 each CASH TAX-FREE Entries Close October 9, 1974 Preliminary Draw October 23, 1974 GOOD FOR YOU AND ALBERTA, TOO! Proceeds Jrom !he sale of an tickets m Alberia will be used in Alberta Jo suopori sports and cultural events such as SoortAJberJa The AiberJa Art Foundation AJoertaHgtitage Foundation and Ihe 1978 Commonweal'" Games. The Lottery is sponsored by the Calgary Exhibition and SJampede ttie Commonwealth Games foundation and the Edmonton Association under the auspices ot the Albena Government GIVES YOU A CHANCE ON BUY YOUR TICKETS NOW! Available from your Javonte service church, sports or chanlabie organization OR Send in trie coupon anrj gel your 1'Ckels by mail XI Gvrnif Miu0ft) G Edmonton 1 WESTERN CANADA LOTTERY 9m ZfOO. CMnra. Sears DAY LIMITED QUANTITIES STARTS A.M. PERSONAL SHOPPING ONLY OT99 Reg. 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