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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Aug 07, 1990
Page
1
Markets waver as Persian Gulf developments fuel price shocks. Gas station operators and consumer groups accuse major oil firms of profiteering amid higher costs and summer demand. Gulf area operator Rocco Gentilella voices sharp criticism.
Oil futures jumped more than 3 in trading on Monday with West Texas Intermediate settling at 28.05 a barrel on the NYMEX. Analysts urged cautious optimism for the West Texas economy and energy sector despite the volatile mood. A quote praising Saddam Hussein by a local observer is noted in the dispatch.
Closing price of 24.49 on Friday referenced in oil market brief. OIL/3A notes trading activity and price movement with a focus on Friday's session and related market implications.
Two Odessa residents found refuge in Saudi Arabia as the Iraqi invasion forced others to flee Kuwait. Stan Petrey, 42, of Sante Fe Drilling Co., said he reached Dahahran in a hotel and has limited contact with family while efforts continue to evacuate remaining workers. Flo Waid, his sister, reported he escaped Kuwait in the first hours of conflict and is now among the last groups allowed out. The wife of another Odessa worker maintains a vigil for word on her husband still believed to be in Kuwait.
A Midland man Ricky White claims his father Roscoe White helped kill President Kennedy with CIA operatives. The CIA branded the assertion ludicrous as investigations cite Lee Harvey Oswald acting alone. White also alleged Oswald and officer Tippit were patsies in the 1963 assassination.
The United Nations Security Council ordered a 13 to 0 vote to embargo trade with Iraq in response to its invasion of Kuwait. Iraq vowed resistance while leaders including Bush and Thatcher warned of further aggressive steps if sanctions fail.
In Monrovia on Monday Libarian rebel forces seized 14 or 15 foreigners including one American and moved them to a rebel headquarters near Caldwell Prince Johnson. The State Department stated there was no indication any hostage was harmed. Johnson aims to provoke outside intervention to end Liberia's crisis amid government violence against shelter seekers.
Arizona insurance executive James M. Fail told Senate judges subcommittee he disclosed Alabama fraud allegations before the 1988 bailout for Dallas based Bluebonnet Savings Bank. Regulators and subcommittee chair Sen. Metzenbaum questioned failures to disclose and warned of potential contract reopening to protect taxpayers. Robert Thompson, Bush aide, faced questions over representation and subcommittee jurisdiction as documents were reviewed.
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