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Newspaper
Monroe News Star
Location
Monroe, Louisiana, United States of America
Date
Aug 13, 1973
Page
7
The note reports Sandro Botticelli, described as painter of The Ruhr Valley, dying after RAF bombing related floods. It claims an age of 68 with dates May 17, 1510 and May 14, 1943, mentioning three dams.
AP analysis notes a repeating administration stance that price rises and shortages stem from extraordinary circumstances and not policy. Secretary Dent defends the government as not responsible for the price spiral while suggesting other factors drive inflation and economic shifts. The piece highlights political motives and past official claims during the Nixon era.
Beirut Lebanon AP reports Libya nationalized 51 percent of Occidental Petroleum operations in Libya and will take control over oil production. Prices rise as government gains majority in North Africa. Occidental to buy all production from wells for six months under terms.
The text criticizes agriculture policy for overemphasizing exports without assessing domestic needs. It cites near sightedness at the Agriculture Department and its failure to forecast shortages and to raise domestic food price estimates from six to 20 percent within months. It also notes discord between fiscal policy and monetary policy as the president cut spending while the Fed expanded money supply.
Occidental confirms Libyan oil concession sale at about 4.90 dollars per barrel for 51 percent, with the oil described as high quality and low in sulfur. Libya seeks to take over Oasis and Amaseas, while Occidental notes production has fallen from 586000 to 340000 barrels daily, about 14 percent of gross revenue. Dr Armand Hammer calls the price acceptable.
Groups from Florida to Louisiana protest a planned Interior Department offshore oil lease sale covering 159 tracts totaling 886 548 acres off Mississippi Alabama and Florida. Federal geologists estimate billions of barrels and trillions of cubic feet of gas, while critics call for strict safety rules and better planning.
In June Libya nationalized the holdings of Bunker Hunt a U S company and in December 1971 it took over the holdings of British Petroleum. Amoseas is owned by Texaco and Standard Oil of California. Shell Marathon and Ame rada Hess are named in the same context.
Monroe Council No. and Royal and Select Masters hold a regular gathering tonight at 7 30 p.m. in the Monroe Masonic Temple.
The early oil discovery near Santa Paula in 1866 marked California's first major oil field development. This historic find spurred growth in regional energy extraction and influenced subsequent oil industry activities in the state.
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