01 Aug 1986
Page 1
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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Aug 01, 1986
Page
1
A compact rundown of sections including Business Energy Classifieds Comics Commentary and Crossword. It lists Dear Abby Entertainment Horoscope Jumble Living Obituaries Sports and Television Log notation. The note suggests a broad, reader oriented index of daily content.
OPEC ministers met with a new quotas committee to set binding production limits for all 13 members. Eleven members pledged voluntary cuts totaling about 10 percent of daily output, aiming to stabilize price weakness from $32 to as low as $8 per 42-gallon barrel. Observers note ministers’ private talks with OPEC President Bilwanu Lukman and secrecy around the hotel suite.
In Dallas the U S Senate move to abolish the windfall profits tax on oil drew praise from Texas lawmakers and industry figures though officials warned it won’t immediately help Texas’s ailing economy. Fort Worth producer Charlie Seely urged a stronger shock to the system. Governor Mark White labeled the action late. The measure, part of a debt ceiling bill, passed 51-47 after opponents failed to block it.
Odessa oilmen say 11 of 13 OPEC members agreed to production cuts to stabilize prices but no immediate gains for the oil patch. Charles Perry of the Permian Basin Petroleum Association cautions the price may only stabilize, with a two year wait for investor return absent a major event.
Texas unemployment dropped to 8.7 percent in July from a record 10.5 percent in June, with 707,000 out of work and 7.4 million employed. Officials cited a construction rebound adding 210,000 new jobs as the labor force declined for the first time in three years. Nationwide unemployment eased to 6.9 percent.
Federal officials flip stance on Concho River Water Snake. If Colorado River Municipal Water District protects the snake, the U.S. Fish and Wildlife Service will drop objections to Stacy Dam. Lawmakers and district leaders push forward, noting Lake Spence water needs and pending Army Corps permit.
Lt. Gov. Bill Hobby urged broadening the Texas sales tax base to offset a projected $3 billion revenue gap, proposing a $650 million spending cut and a $2.2 billion tax- base widening. He spoke at Mission Country Club in Odessa Midland and noted possible special session debates over funding for UTPB and Sul Ross amid a broader education-funding context.
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