100%

Scanned image of the page. Keyboard directions: use + to zoom in, - to zoom out, arrow keys to pan inside the viewer.

Page Options

Download this Issue

Share

Something wrong?

Something wrong with this page? Report problem.

Rights / Permissions

This collection, digitized in collaboration with the Michigan Daily and the Board for Student Publications, contains materials that are protected by copyright law. Access to these materials is provided for non-profit educational and research purposes. If you use an item from this collection, it is your responsibility to consider the work's copyright status and obtain any required permission.

January 09, 1975 - Image 3

Resource type:
Text
Publication:
The Michigan Daily, 1975-01-09

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

Thursday, January 9, 1975

THE MICHIGAN DAILY

Ford may use
taxes, tariffs to
cut oil demands

Chrysler to unload
ears through rebate

WASHINGTON (A') - Presi-
dent Ford is expected to an-
nounce soon a national energy
policy relying on oil taxes and
tariffs to cut demand, and on
opening new federal oifields to
increase supply.
An informed administration
sources said yesterday the Pres-
iderit accepted recommenda-
tions centered on deliberately
increasing oil prices three dol-
tars per barrel but was s t i l1
pondering how to- compensate
for the resulting economic im-
pact.
THE OIL price increase could
raise gasoline prices 7.5 cents
a gallon and draw some $18.6
billion a year from the economy
at present demand levels. The
soucesad thi woud be offse
by a proposalisfor general tax
reductions.
The energy policy would re.-
ject direct limnits on oil im-
ports, reduction of fuel alloca-
lions and gasoline rationing.
Massive stockpiling of oil for
emergencies would not be pro-
woul be studsied by the N ational
Petroleum Council, an industry
advisory group.
standards or a horsepower tax.
But the source said auto mak-
ers have agreed to improve ve-
hicle mileage 40 per cent, so
their 1980 models would average
about 20 miles per gallon.
Fo rd'sh energy policy wa x
federal standards or tax credits
to improve building insulation.
In conjunction with the three
dollar excise tax, administra-
tion sources said Ford will out.-
line a plan to set a guaranteed
minimum on the price paid for
imported oil-.a
THE PURPOSE would be to
guarantee a stable incrnne to
insure development of new oil
sources while keeping up cur-
rent production levels.
Developers of alternate sourc-
es of energy would be guaran-
teed a price equal to that now
paid for oil'.
Preparation of the national
energy policy began last Jan-
THE MICHIGAN DAILY
Volume LXXXV, No.82
Is editeduand mngd by students
at the University of Michigan. New's
phone 764-0562. Second class postage
paisd a AArbor, Michigan 48106.
Sunday morning during the Univer-
Abor, Micehigan 48104.Subscriptin,
rates: $10 by carrier (campus area);
$11 local mail (Michigan and Ohio);
$1 no-local mail (other states and
Summer session published Trues-
Subscriptio rates $5.50 by carrier;
(campus area); $6.00 local mail
(Michigan and Ohio); $6.50 non-

Richard Nixon ordered a "Pro-
ject Independence Blueprint." It
uary when former President
was delivered to Ford in No-
vember.
SINCE THEN the administra-
tion has been shaping Its poi-
cies for presentation in Ford's
first State of the Union address
later this month and probably
in a separate energy message to
Congress, whose co-operation
would be needed.
Ford has set a goal of reduc-
ing U.S. oil demand one million
barrels a day by the end of
this year.
The source said his policy I
would add a longer-range goal
of limiting oil imports by l1985
to somewhere between 10 and
20 per cent of total U.S. de-
mand, la substantial cut from
the present 36 per cent.
That would require reductions
of demand and increases in en-
ergy production.
The source said Ford's forth-
coming energy policy would in-
clude price increases of three
ported and domestic oil, though
tariffs and excise taxes. 1

DETROIT (UPI) - Chrysler '
Corp., saddled with a 4 -month !
supply of unsold cars, will be- i
gin offering cash rebates tol
customers next week in an ef- i
fort to cut down its inventory. ,
The action marks the first i
large-scale price discounting on |
new cars and light trucks since |
the U.S. auto industry went into:i
its steep sales slump.
DEALERS SAY the rebates of
$200 to $400 on selected models
will put cash in the hands of ,
customers and could be more l
effective than any across-the-
bardL s~ti er r e. t all f

C'hrysier within four weeks,
dealers said.
"THIS IS a legitimate sale, an
honest sale," one downtowvn
IDetroit Chrysler dealer said.
'.It will help clean up the fac-
tory inventory, our inventory
and hopefully put our plants
back to work."
Ford reportedly is studying a
similar rebate program to spark
sales while General Motors
plans to lower prices by making
present standard equipment op-
tional on some of its lower-
priced models.

Page Three
ONE NIGHT ONLY!
LUTHER
516 E. LIBERTY
3 SHOWS ADM. $2.50

whih igh nt b psse o t MEANWHILE, the Federal
buyers mgtntepasdntoTrade Commission yesterday
bTyer No. uomkrwl accused Ford Motor Co. of mak-
bgthe nprecedntme sals ing false fuel economy claims
incentve prramdSntdyines for its cars during the peak of
massive media campaign. ls erseeg rss
The sale will last nearly two The FTC said the country's
months. Each week, Chrysler second biggest auto maker,
will announce which cars or when it ran the ads, had no
trucks are available under the pofta h vrg rvr
program. A person buying one pro htteaeaedie
of those vehicles can expect to could expect anything like the
have a rebate check from jperformance the ads mentioned.

Ride 'em cello
Riding off to the world of music, Kevin Kosty
cello to his motorcycle enroute to the Birmingham
Orchestra practice sessions in Birmingham, Ala.

AP Photo
straps his
Symphony

Inflation forces
By The Associated Press
Rising costs and soaring unemployment have led thousands
of Americans to seek relief from debt by going broke. Legally.
The Administrative Office of the United States Courts says
that if bankruptcy petitions continue at the current rate, there
will be a record 231,660 in the current fiscal year ending June 30.
DURING THE first five months of fiscal 1975, an average of
19,305 bankruptcy petitions were filed each month. That's 29
per cent above the monthly average of 14,912 petitions in the'
same period last year.
The previous all-time high number of bankruptcies was in
1967, when here 209,329 individuals and businesses filed petitions
in U.S. district courts, largely because of what government of-
ficials called "a big overextension in consumer credit."-'
An administrative office spokesperson blames the current
situation on "inflation and recession and the state of the
economy."
A NEW YORK schoolteacher and his wife who recently filed
for bankruptcy agree. "I didn't expect prices to go up so quickly
...he said. "We earn $25,000 between us and we figured that
would be enough to pay the bills. It wasn't.
"We didn't have any big bills. It was just a lot of little
things that kept adding up," the teacher said, explaining that he
didn't want his name used because he was a little ashamed.
"Going bankrupt was against all my principles - independence
and all that stuff. But we had no other choice."
The Federal Bankruptcy Act provides that you can go bank-
rupt if your debts add up to more than your assets and you
have no way of paying the bills. The government says most
bankruptcy petitions - almost 90 per cent in 1974 - are filed by
individuals. You cannot file for bankruptcy more than once
every six years.

STUDY LAW
ini
CALIFORNIA
EASY TO QUALIFY
O eR 650 ACCEPTABLE
UN ITS, OR
* JUST PASS EXAM IN
SPECIAL INSTANCES
* L.S.A.T. NOT REQUIRED
* TRANSFER UNITS
ACCEPTABLE
* LOCATED IN PLEASANT
LA. SBURB. LIVINGN
IMMEDIATE VICINITY.
Day or Eveninq Classes
GRADUATES RECEIVE
AND QUALIFY TO TAKE
CALIFORN1A STATE
BAR EXAM
American College
of Low

300 South Harbor Blvd.
(714)} 956-9620
APPROVED FOR
VETERANS

I,$2.50.a

(F

.4/'
.

TH E I ALL-AMNiERICAN

I!

11 1

I

.- . ".'."$'W' .17w;%r 0/X
.4'.
n
-~ 'lv

Il I

,-
Centicore Announces its "C
once a year
& CLAAC
& 30%/ OFF ALL HARDCOVERS* U
LIMITED TIME
LIMIT ED QU ANT IT IES
SEVERY BOOK IN THE STORE IS ON SALE
if you had your eye on an art, cook, photography, poetry, craft, *
Stravel, Indian, psychology, sociology, philosophy, children's ref-
Serence, drama, dance, comic, oriental philosophy, fiction, non-
& fiction, history, puzzle, mystery, sci-fi book or any other kind of
Sbook, and didn't get it for Christmas--you can now buy it at
Centicore for less than ever. ..ar.,tr. l.I.r.rILJ'I,-rN

You may he
a skibum.
In Ann Arbor, about one person
in twenlty is. Guys and girls.
Grown-ups and kids. All of us
free spirits who would rather
ski than eat.
We go to Aspen to ski the deep
powder, or Boyne to "hot-dog,"
or Mt. Brighton to fall down a lot.
And we have a headquarters:
TEE & SKI, Ann Arbor.

Rf6 Everything yo'lneedfr
downhill or cross country is waitinlg for you at TEE & SKI.
Fl ashy nam 11bIU rand(s and econlomical packages. Skis, boots,
bindinigs, Ipoles, sweaters, goggles, skisuits, caps...
a dazzle of fresh 1975 stuff.
But the b~ig plus at TEE & SKI is our people.
Our skibumns arc ready to help you with expert advice,
U 811)CFfit at u "lours of wcll-seasoned rap on the merits of sn~ow.

at. ILL, & SKI.
II V()L1VC FCiI(l iii
III 1)CI. VOLIEC
Skik)1l11l juLlicria

U
N
1)11 111
N
is far,
I. -~

( OIIIC lioiiic . . . to lI~1~ ~SL Sl\ I.

I~L~~I

Back to Top

© 2021 Regents of the University of Michigan