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June 01, 1979 - Image 12

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Publication:
Michigan Daily, 1979-06-01

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Page 12-Friday, June 1, 1979-The Michigan Daily
CARTER DISCUSSES PRICE AND SUPPLY

WASHIN(
officials, su
meeting yes
ter the nato
oil shortage
Thornton
ARCO, said
with Carter
that the cou
"knife edget
BRADSHA
officials deli
in a meetin
Carter to le
prices and
gasoline.
Jerry Mc/

Oil officials predict
GTON (AP)-Oil industry finance production of needed oil.
mmoned to a White House HE SAID THE president's plan for a
terday, told President Car- gradual lifting of federal price controls
)n will have to struggle with on oil is a step in the right direction.
s for years to come. White House spokesman Jody Powell
Bradshaw, president of said the president regarded the
after the 90-minute session meeting as "worthwhile and hopefully
and top energy advisers useful."
ntry faces five years on the An administration official who asked
of supply., fnot to be identified said the president
W AND 14 other industry had urged industry officials to
ivered their gloomy report maximize the use of their refineries to
g hurriedly arranged for process increased amounts of oil being
r firsthand about rising imported into the United States.
shrinking supplies of THE OFFICIAL SAID imports have
been running for the past two weeks at
Affee, chairmanm of Gulf between 6.1 million and 6.2 million

Oil Corp., said future price increases
would depend largely on action by the
Organization of Petroleum Exporting
Countries (OPEC).
On supply, he said, "There is a shor-
tage of gas as far as I can see down the
road."-
VICTOR RASHEED, president of the
Virginia Retail Dealers Association,
charged there "has been some price
gouging, perhaps" by unnamed oil
companies. -
But McAffee disputed Rasheed's
claim.
McAffee also said the oil company
executives impressed on the president
their need for increased capital to

OPEC mayj
NEW YORK (AP)-The recent
flurry of crude-oil price increases by
members of the Organization of
Petroleum Exporting Countries
(OPEC) will add about three cents a
gallon to the price of gasoline and
heating oil.
It also all but guarantees an official
OPEC increasein the price of crude oil,
which could add still more to gas and oil
bills.
EXPERTS SAY that increases could

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future gas shortages
barres of oil a day. The previous four of the new Democratic congressional
weeks, imports had been about 5.8 initiative would be legislation to
million barrels a day, the official said. promote development of synthetic fuels
House Speaker Thomas O'Neill (D- to replace imported oil.
Mass.), faced with a deep division in his As evidence of the split among House
party over energy issues, called top Democrats, the party caucus voted 138-
Democrats to a meeting to discuss what 69 last week to oppose Carter's plan for
role Congress should play in pfsenting a gradual lifting of crude oil price con-
the public with the facts of energy trols. The first part of the president's
shortages. decontrol plan goes into effect today.
House Democratic leaders vowed at O'Neill and many other members of
the meeting to patch up the party's split Congress returned from the recent
with Carter on energy issues and to Memorial Day recess saying many
propose "upbeat" programs to ease the constituents don't believe there is an
nation's energy problems. energy crisis and suspect oil companies
HOUSE DEMOCRATIC Leader Jim are withholding supplies to await
Wright of Texas said the first measure higher prices.
ollow oil price hike trend
be large. Yesterday, Iran announced its That's ten per cent above the OPEC
third price increase since April 1, base price, a difference worth about
leading to speculation that the move two extra pennies on U.S. gasoline and
would touch off yet another round of in- oil bills. But the biggest surcharges
dividual price rises, have come from nations like Algeria,
Saudi Arabia, OPEC's largest mem- Nigeria, and Libya, which produce
ber, has attempted to hold the line crude oil best suited for gasoline
against an official price boost, but the production. Those higher surcharges,
Saudi resistance appears to be crum- analysts say, are worth another penny
bling. Saudi officials hinted that they or so at the gas pump.
would not balk at an official rise in THE WIDESPREAD surcharge ac-
OPEC's base price of at least ten per tivity has led to speculation that OPEC
cent when the cartel gathers in Geneva will raise the base price to $17 or so a
later this month. The Saudis also have barrel, which, because of the great
increased the price of some of their oil, volume of Saudi Arabian oil, would
OPEC last met in late March, and probably mean another penny or two on
raised the official price of a barrel of oil gas prices.
nine per cent, to $14.55 a barrel. But it Saudi officials have apparently con-
also allowed member nations to impose ceded that increase, with Abdulhady
surcharges above that price if they felt Taher, governor of Petromin, the
the market would bear the higher rate. national oil company, predicting a new
WITH OIL SUPPLIES tight as a OPEC price of $17 or $18.
result of the Iranian revolution, OPEC "We will try fqr less," Taher said in
members found they could sell oil at Riyadh. "But I don't know if we can
virtually any price. Surcharges that succeed."
were originally $1.20 a barrel have now And analysts said Iran's decision
gone as high as $5 a barrel. yesterday to raise its price again could
Saudi Arabia had declined until this presage an even larger increase.
week to place surcharges on the bulk of Iran raised the price of its best oil
its oil, which meant the average price $1.30 to $18.47 a barrel, bringing its total
of a barrel of OPEC oil was about $17. surcharge to $3.80.
Roman Polanski's 1965
REPULSION -
CATHERINE DENEUVE (late of Chanel No. 5 spots) is convincingly'mad in
Polonski's first English language film-a psychological drama of a girl's
mental breakdown culminating in murder. Surrealistic effects and Polanski's
clever use of light and sound heighten the mental suspense. Also starring
IAN HENDRY.
Short: segment from DRACULA
Sot: Hitchcock's SECRET AGENT
Sun: Valentino in SON OF THE SHEIK (free)
CINEMA GUILD TO.'GHTAT OLD ARCH.AU
The Ann Arbor Film Cooperative presents at MLB
$1.50 FRIDAY, JUNE 1
I WAS A MALE WAR BRIDE
(Howard Hawks, 1949) 7 only-MLB 3
One of Hawks' and CARY GRANT'S funniest movies. So funny, in fact, that
co-star ANN SHERIDAN has trouble keeping a straight face herself. After
victory in Europe, a young French soldier in love with a WAC is denied
entrance to the U.S. However, all brides of American soldiers are allowed
into the U.S. so, amid side-splitting circumstances Cary becomes a war bride.
BRINIGING UP BABY
(Howard Hawks, 1938) 9 only-ML3
CARY GRANT in a zany story of a staid paleontologist, whose orderly life is
detrailed by a daffy, beautiful heiress (KATHARINE HEPBURN), a leopard,
a wire-haired terrier, and a rare bone. Insanely funny and tenderly tosching,
the pinnacle of screwball comedy. Missing it would be an act of self-depriva-
tion along the lines of celibacy. "The American movies closest equivalent to
Restoration Comedy. This is Hepburn's best comedy."-Pauline Kael.With
BARRY FITZGERALD, MAY ROBSON, CHARLIE RUGGLES, FRITZFELD.
Tomorrow; ERASERHEAD and
I CHANGED MY SEX

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