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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Sep 23, 1978
Page
2
In Hackberry La officials report only a small portion of the Strategic Petroleum Reserve oil stockpile may be lost after underground storage vault fire vented oil into a lake of flame. A violent Thursday explosion killed Clarence Simon and injured another worker as crews tried to bleed brine to relieve pressure.
Bradley Bergeron, 22, of New Iberia Louisiana, was reported in stable condition with burns after a rig fire at a Gulf Coast oil storage project. Flames 250 feet high, black smoke. Officials expect to study cash losses, shipping losses, and a melted rig as the program aims to store oil to counter an Arab embargo.
SAN FRANCISCO AP Proposition 13, which cut California property taxes, was ruled constitutional by the state Supreme Court. The 62 page decision, signed by six of seven justices, ends months of uncertainty over the measure approved by voters on June 6 by nearly a two to one margin. Chief Justice Rose Bird wrote a separate opinion objecting to one point, noting the method of computing taxes and the resulting disparity should fall. The petitioners argued it covered more than one topic, but the court found the changes narrow enough for the initiative process to apply. Howard Jarvis, 76, called it a marvelous birthday present for Californians. Paul Gann, now retired from public relations and real estate, was the other sponsor.
New York AP reports gold prices surge past 216 an ounce to record highs and hint at $300. Analysts cite uncertain demand, future production costs, and possible government gold sales as factors. Citibank projects $230-$240 for 1979 while Van Eck sees bullion above $300 in two years.
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