Page Two

THE MICHIGAN DAILY

Friday, September Z6, t y ID

Page Two THE MICHIGAN DAILY Friday, September 2~, I '~' I~

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LEAVE OPEC TALKS:
Saudis hit oil hike

VIENNA, Austria (P) - Saudi
Arabia, angry, over Iranian-
supported demands to hike oil
prices more than 20 per cent,
led a walkout from a stormy
session of the Organization of
Petroleum Exporting Countries
yesterday. Another meeting was
set for today.
"We are facing terrible op-j
position. They are getting vio-
lent," Saudi Arabia's oil min-
ister, Sheik Ahmed Yamani,
told reporters as he left the five-
hour session 45 minutes before it
ended. He was followed by dele-j

gations from Indonesia, Qatar
and Kuwait.
YAMANI later flew off to
London. Associates said he was,
having communication difficul-
ties here and wanted to talk
over the situation in privacy
with his government's represen-
tatives in the British capital.
The informants said Yamani
would return Friday.
Saudi Arabia has been hold-
ing out against an oil price in-
crease above 10 per cent. The
other 12 governments in OPEC
were agreed on raising prices

the place for lunch

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a WMM '"

by about 15 per cent, authorita-
tive sources said yesterday.
Mofia Akobo, Nigeria's com-
missioner for petroleum and en-
ergy, described the five-hour
session as heated. He said it
was possible the 12-nation ma-
jority would fix a new price
with Saudi Arabia temporarily
contracting out.
LIBYAN oil minister Ezzedin
Mabrouk said the majority
wanted "definitely not less than
15 per cent." He predicted that
agreement would be reached to-
morrow and that it was unlike-
ly that Saudi Arabia would opt
out.
Iraqi oil minister Tayeh Ab-
del-Karim told newsmen: "It is
all decided. The increase will
be bigger than you expected."
In Washington, a spokesman
for President Ford said "Con-
gress is going to have to share
the blame" if OPEC raises the
price of oil. He said Congress
had refused to pass energy legis-
lation Ford proposed in an ef-
fort to nake the United States
less dependent on foreign oil.
While the OPEC deadlock had
been apparent since the minis-
ters began meeting yesterday,

plan
for their first price-fixing con-
ference this year, it was un-
clear what precise position most
of them were taking.
Earlier, Yamani had held out
for continuation of a nine-month
price freeze, but admitted de-
feat.
The 12 other ministers were
r e p o r t e d by authoritative
sources to be in agreement on
either of two alternatives:
(1) A PRICE increase of
around 15 per cent to be applied
on Oct. 1, when the current
freeze runs out, with the new
price to be frozen for a further
year.
(2) The increase of around 15
per cent to be applied in stages,
some of it immediately, with
the rest on Jan. 1, to be followed
by a nine-month freeze.
Several OPEC members have
been forced into one-sided, dis-
guised price cuts because of low
demand for their high-price oil
on a glutted market. Others feel
the price should go up to, com-
pensate for worldwde infation.
However, there is no firm evi-
dence such inflation has seri-
ously eroded the oil producers'
trading position.

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Burns asks for no
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SUCH AS-

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WASHINGTON (A) - Chair-
man Arthur Burns of the Fed-
eral Reserve Board recommend-
ed yesterday that the 1975 tax
reductions not be extended into
1976 and said Congress would
court disaster if it enacted new
spending programs.
Burns said also in testimony
before the Senate Budget Com-
mittee that despite concern over
the nation's 8.4 per cent unem-
ployment rate in August, "Most
of the unemployment we have is
voluntary."

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He said newspapers are filled
with "pages of ads" for jobs,
but most unemployed persons
don't want them because their
jobless benefits and other gov-
ernmental assistance leaves
them in a position to "pick and
choose."
Burns told the committee he
is worried that another round of
inflation could plunge the na-
tion into new economic difficul-
ties, and he urged Congress to
consider cutting the 1976 budget
instead of increasing spending.
WHILE the spending pro-
grams sought by some econ-
omists and union leaders might
increase employment in the
short run, they would bring on
ruinous new inflation within two
or three years, Burns said.
THE MICHIGAN DAILY
Volume LXXXVI, No. 20
Friday, September 26,1975
is edited and managed by students
at the University of Michigan. News
phone 764-0562. Second class postage
paid at Ann Arbor, Michigan 48106.
Published d ai ly Tuesday through
Sunday morning during the Univer-
sity year at 420 Maynard Street, Ann
Arbor, Michigan 48104. Subscription
rates: $10 by carrier (campus area);
811 :ocal mail (Michigan and Ohio);
$12 non-local mail (other states and
Summer session published Tues-
day through Saturday morning.
Subscription rates: $5.50 by carrier
(campus area); $6.50 local mail
(Michigan and Ohio); $6.50 non-
local mail (other states and foreign).

STUDENTS

interested

in joining t h e ANN
ARBOR FILM CO-OP-
ERATIVE, please meet
at r o o m 68 in the
Michigan L e a g u e at
5:00 on Sunday, Sept.
28 to be interviewed.


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