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February 28, 1975 - Image 14

Resource type:
Text
Publication:
The Detroit Jewish News, 1975-02-28

Disclaimer: Computer generated plain text may have errors. Read more about this.

14 Friday, february. 28, 1975`

16.11ili NEWS'

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10:00 until 8:30 Monday thru Friday
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Ford's Iacocca Forsees Peace,
Lower Oil Prices Embargo's End

,

The president of the Ford
Motor Co., just returned
from a visit to the Middle
East with 36 American
businessmen, believes that
oil prices will drop, that
peace can be achieved in the
Middle East, and that the
Arab embargo against Ford
Motor Co. will be dropped.
In a copyrighted story in
Sunday's Detroit News, au-
tomotive reporter Robert
Irvin said Lee A. Iacocca,
president of Ford, believes
Secretary of State Henry
Kissinger's step-by-step ap-
proach to a Mideast peace
settlement is working.
He also believes that
peace would give the West-
ern nations an opportunity
to break the Arab oil car-
tel. "Cartels are vicious,"
Iacocca said, "and exist
only long enough to be bro-
ken." He added that car-
tels are illegal in the U.S.,
that they use force, and
that the U.S. "should use
all the resources at its
command to break up any
cartel anytime and any
place."
Iacocca said the Arabs
have driven up the price of
oil from $2 to $11 per barrel,
reaping a $100 billion wind-
fall in 1974. "All the U.S.
companies — General Mo-
tors, Ford, Exxon, Xerox
and the others — in all their
history have piled up $107
billion.

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LEE IACOCCA

"The oil cartel got almost
that much in one year," he
said.

Iacocca said the Arabs
have boycotted Ford Motor
Co. for 12 years since it be-
gan doing business in Israel.
He brought up the boycott
informally during the Mi-
deast visit to Israel and
Arab countries, and said he
expects it to eventually end,

"because it doesn't do any-
one any good."
But he emphasized that
Ford Motor Co. would con-
tinue to deal with Israel,
saying, "We have always
dealt with Israel since it
was established as a na-
tion over 25 years ago and
we deal with scores of
other countries . . .
"We are not going to star t
selecting nations in whic
we will not do business." 111"
As for Middle East peace,
Iacocca added that many
people he talked with during
the trip believed there will
be no peace until Israel re-
turns to her 1967 borders.
He said peace could be
achieved through tough bar-
gaining and concessions on
both sides.
"Israel knows concessions
are coming. Its stance is
that it wants peace, but it
wants assurances before
walking away from land
bought with the blood of its
people."
He added that as a busi-
nessman he was "the grow-
ing economic power of 130
million Arabs surrounding
a small island of a few mil-
lion Israelis. They must get
along, commercially, and
soon."

Israel to Commence Major Oil
Drilling, Exploration Operation

JERUSALEM (JTA) —
Israel will invest large sums
of money in an all-out at-
tempt to find oil at both
inland and off-shore drilling
sites, according to recent
discussions before the Knes-
set's economic committee.
The effort will also in-
clude a major re-organiza-
tion of oil exploration and
drilling operations, possibly
in conjunction with foreign
interests. The committee is
considering the ameliora-
tion of Israel's overall en-
ergy problems, including
the development of nuclear
energy sources.
Igal Horwitz, chairman of
the economic committee,
was sharply critical of the
pace of oil prospecting in
Israel. He urged that drill-
ing projects should be accel-
erated at sites pin-pointed
by oil geologists. He also
claimed that the possibili-
ties for collaboration with
foreign companies and for-
eign investments in oil
searches have not been suf-
ficiently exploited.
Dr. Eli Rosenberg, a geo-
logical consultant, said that
so far 151 drillings have
been carried out in Israel at
a total cost of some IL 300
million, (about $50 million),
including $40 million in-
vested by foreign compa-
nies. But he said, compared
to the widespread drilling
operations carried out in
other countries, Israel's ef-
forts to date have been
meager and therefore the
results so far were not en-
couraging.
Responding to Horwitz's
complaint that not enough
initiative has been shown
in planning and
_, organiz-

ing the search for oil, Is-
rael Lior, who is in charge
of oil prospecting for the
govqrnment, outlined a re-
organization plan. He said
a roof organization will be
established to administer
overall prospecting and to
set work and purchasing
priorities. He said the pur-
chase of drilling equip-
ment will total over IL 100
million in the coming year.
A separate organization
will deal with oil prospect-
ing, field work and drilling
operations. At the present
stage, the Lapidot Co. will
operate as a drilling con-
tractor only while the Oil
Prospecting and Investment
Co. and Netivei Neft Ltd.
will devote themselves to the
search for new wells, Lior
said.

`Israel, Jordan
Failed to Agree
on Peace Pact'

TEL AVIV (JTA) — For-
mer Defense Minister
Moshe Dayan said that Is-
raeli leaders and Jordanian
leaders, including King
Hussein, met several times
between 1967 and 1973 but
failed to work out a peace
agreement because Hussein
demanded Israeli pull-backs
that were unacceptable.
Dayan, who made the dis-
closure in the latest of his
series of lectures at Bar-Ilan
University in Ramat Gan,
said it was necessary to do
so to refute allegations that
Israel had missed opportun-
ities to reach a settlement
with Jordan and therefore
must now deal with the Pa-
lestine Liberation Organiza-
tion.

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