Page 2-Friday, September 21, 1979-The Michigan Daily
SUPPLIES EXPECTED TO MEET WINTER HEATING AND FUEL OIL DEMAND
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Carter forms fuel planning panel
WASHINGTON (AP) - The Carter Regulatory Commission said natural The president's decision to single out Conn., Carter applauded Texaco for
administration announced yesterday gas supplies are reported adequate to Texaco's heating oil policy for praise announcing a "freeze" on heating-oil
the formation of an inter-agency plan- meet expected demand this winter. has led to serious misunderstanding, prices and appealed to the rest of the
ning group to make sure fuel oil goes company Vice President W. K. Tell industrytofollowislead.
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where it is needed this winter to meet
health, safety and agriculture needs.
The group includes representatives of
the Departments of Energy,
Agriculture, Transportation, and the
Small Business Administration.
THE ANNOUNCEMENT said the
group would emphasize adequate
distribution of home heating oil in the
northeast; diesel fuel in the nation's
central region; and both heating oil and
diesel fuel in the west.
Known as the "Interagency Distillate
Management Group", the task force is
to receive policy guidance from the
White House and from senior policy of-
ficials of its member-agencies, the an-
nouncement from the Energy Depar-
tment said.
Meanwhile, the Federal Energy
THE COMMISSION said a survey of
28 interstate pipelines which carry
almost 99 per cent of the natural gas
transported between states indicates
that gas demand can be met without
significant disruption of industrial or
business activities.
The survey found that only 11 of the
pipelines indicated they would need
emergency gas supplies even in an ab-
normally cold winter.
Texaco officials, however, said that,
despite some unsolicited praise from
President Carter, they can't promise to
freeze heating oil prices for the entire
winter.'
TEXACO'S PROMISE to not raise
prices only covers this year, the of-
ficials told a House energy subcommit-
tee.
testified.
"It's unfortunate that it has been
categorized as the national heating oil
plan," he said.
J. m. seamans, another Texaco vice
president, said the company could not
possibly commit itself to freeze prices
through the full heating season.
OBVIOUSLY you know and we know
that OPEC (the Organization ofx
Petroleum Exporting Countries) is
meeting in December," he testified.
Seamans also refused to say whether
additional Texaco price increases
would be limited to a pass-through of
higher crude oil costs. "We do not want
to give a false assurance to the public,"
he said.
Last week, in a speech in Hartford,
HEATING OIL prices have soared by
some 60 per cent since last winter, to
more than 80 cents a gallon.
"The president didn't say anything,'
about 'only until December'," said Rep.
Toby Moffett, (D-Conn.), subcommit-
tee chairman. He noted that the brunt
of the winter heating season comes af-
ter the first of the year.
Moffett accused the firm of staging
"a public relations coup," claiming
Texaco "has among the highest prices
and the worst credit terms in the in-
dustry."
Texaco announced on Sept. 7 that it
planned to hold the line on prices,
liberalize its credit policy and make
emergency home heating oil available
to those who needed it.
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Dollar drops; gold hits new high
"
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Today Is
The Day
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LONDON (AP)-Lack of confidence
in U.S. economic policies sent the dollar
plummeting on world money markets
yesterday, and analysts warned that
further losses might be on the way.
Gold prices jumped to fresh records,
within sight of the $400-an-ounce level.
The rush to sell dollars cost the
American currency 2.7 cents against
the strong Swiss franc and abruptly
pushed up the hotel bills of American
tourists in Europe in some cases by as
much as $4 a night.
IN FRANKFURT and Milan, the
' dollar hit its lowest levels since last
Oct. 30, a day before President Carter
announced an emergency $30-billion
support package..
Currency dealers said the only
European national bank trying to prop
up the dollar Thursday was West Ger-
many's Bundesbank, and there thehelp
was half hearted and brief.
One Frankfurt dealer said state bank
support would do little to restore con-
fidence. "It makes the dollar look like a
sick man, held up on its feet only by in-
jections."
ANALYSTS SAID they believe
Washington is indifferent to the dollar's
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instability and will not take steps to
stem the decline. The dollar's troubles
intensified when it became apparent
that new increases in U.S. interest rates
to record levels would not be enough to'
make dollar purchases attractive to
buyers.
Some analysts said only a major sup-
port program by the Federal Reserve
to buy dollars would prevent a further
slide in the value of the currency.
In Washington, Anthony Solomon,
undersecretary of the Treasury for
monetary affairs, said the government
expected "the dollar will remain
basically stable" despite recent market
conditions. The dollar's weakness
against West German mark, he said,
''represents in part a reaction to the
current U.S.-West German inflation dif-
ferential."
GOLD SOARED $16 on London
bullion markets to close at $386 an oun-
ce. In Zurich the closing price was
$381.50. The metal closed Wednesday at
$370 in both trading markets and was up
$8 shortly after morning trading began.
In New York, however, after a jump
above $386 an ounce, gold fell back and
closed at $375 an ounce, off $2 from
Wednesday, according to Republic
National Bank. On New York's Com-
modity Exchange Inc., gold futures for
September delivery closed at $372 an
ounce, off $3.70. New York dealers said
a heavy selling wave late in the day cut
the earlier gains. "Everybody started
selling off," said one gold trader, who
asked to remain unidentified. "It's that
kind of market. Once one guy starts
selling off, everybody follows."
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n n n n A A
INTRODUCING THE PROFESSIONAL HP-41C.
-
Daily Official Bulletin
FRIDAY, SEPTEMBER 21, 1979
Daily Calendar:
Guild House: Soup and sandwich, 75ยข luncheon,
Steven Bhaerman, Writer and Teacher of Writers,
"Breaking Through Writing Blocks," 802 Monro ,
noon.
Philosophy: Frederick I. Dretske, "Meaning anl
Information," 2 MLB, 4 p.m.
THE MICHIGAN DAILY
(USPS 344-900)
Volume LXXXX, No. 14
Friday, September 21, 1979
is edited and managed by students at
the University of Michigan. Published
daily Tuesday through Sunday mornings
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Maynard Street, Ann Arbor, Michigan
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