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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Aug 27, 1968
Page
9
New York AP reports mixed signals as consumer spending remains strong despite higher taxes. Analysts cite high savings, mortgage rates, and tax effects, with economists divided on whether a downturn is near.
Discussion of fiscal policy decisions on a 16 billion dollar double dose of spending cuts and tax increases. Debates on timing and impact focus on possible slowdown or recession, with calls to extend the 10 percent surcharge beyond June 30, 1969. Mentions cyclical factors including automobile industry and high personal savings as influences. Also reports on two drilling projects in West Texas area, Johnson Drilling Co and Penn-Lime Reef prospects near Vincent and Mentone, with specified drill sites and fields.
In Roosevelt County New Mexico the No 1-0 Federal New indicates Devonian pay potential with a deepening to 12,900 feet and a new test from 12,830 to 12,875 feet. Initial shutin pressures ranged up to 4,396 pounds with flowing oil shows from Pennsylvanian to Devonian sections and a 1,270 foot oil and gas cut mud interval. CHAMBERS BLINNEDY of Midland will re enter to drill out to 9,900 feet testing the Simpson and Ellenburger near Ozona.
A long list of active wells across various companies reports depths ranging from 1,203 to 20,128 feet in lime and sand, shale, or lime and includes accretion notes, acidizing, logs, perforations, casing, and cement waiting. Notable wells include Gulf 1 State School, Pecos River Deep, and Gulf 1-B Mitchell with significant totals.
Washington AP The Civil Aeronautics Board approves part of an examiner’s recommendations to readjust routes flown by Central Airlines now merged into Frontier Airlines and orders review of remaining findings. Pending review, the board stays other recommendations including those involving Merritt Ruhlen and selects Ozark Airlines to operate between Memphis Tennessee and St. Louis Missouri, a move placed in effect pending further action.
T. J. WELFELT of Midland reports completion of the second producer in the Tomlaw field of Pecos County nine miles west of Girvin. The field confirmer is Ellyson State, pumping 84 barrels of oil with 30 barrels of water per day at 33.6 gravity after acid treatment. Depth 3,540 feet with 414-inch casing. tops include Yates at 995 feet, San Andres 1,850 feet, Glorieta 2,480 feet, and Clearfork 2,750 feet. Ground elevation 2,408 feet. wellsite 660 feet from the southwest line of Section 122.
BEAUMONT AP Charles F. Drees of Beaumont has been named general manager of the Frasch sulfur division of the Texas Gulf Sulfur Co Drees succeeds E Orys Mason who was recently elected vice president of the division.
Four U.S. scientists will live and work 60 days on the ocean floor early in 1969 in the longest continuous underwater study. The habitat is being built by GE's Missile and Space Division as a twin offshore laboratory for detailed undersea research.
Texas stocks held steady last week with the Campsite Texas stock index down 0.2 percent while Texas industrials rose 0.2 percent. Petroleum and gas stocks, transportation issues, utilities and banks drifted. manufacturing and services edged ahead. Notable moves included Disilyn 33, Duval’s 380, Farah 56, and LTV 88 with mixed gains and declines across banks and other issues.
July consumer price index rose 4.3 percent from a year earlier led by higher mortgage interest and medical care costs. Food and farm product prices climbed, while wholesale indexes showed gains in meats, poultry, and fresh fruits. The government expects some slowing later in the year with modest further price increases. About one million workers will gain pay raises based on the July living-cost indexes, with eight-cent hourly bumps for 800,000 in specific industries under contracts from 1967 and 1988.
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