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August 04, 1979 - Image 5

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Text
Publication:
Michigan Daily, 1979-08-04

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The Michigan Daily-Saturday, August 4, 1979-Page 5
Gas lines
An August consumption rise could spur their return

NEW YORK (AP) - Gasoline sup-
plies are improving, but a sudden in-
crease in consumption could put
Americans back on the gas lines this
fall, analysts said yesterday.
A sharp rise in demand could also
imperil the oil industry's attempt to
meet the government request that
stocks of heating oil be built up in,
preparation for the winter.
"August is the crucial month for
gasoline, because it's the big driving

month, but we've also got to worry
about heating oil," said Mel Pine, a
spokesman for Mobil. "Gasoline is star-
ting to calm down now, and the next
problem is heating oil."
"THE BEHAVIOR of the U.S.
motorist in the coming weeks is a
critical factor in the overall supply
situation," said Robert Reine, an
economist at Conoco Inc.
The analysts do not expect a sudden

Jobless rate up:
Reasons uncertain

jump in gasoline consumption, feeling
that high prices and fears of shortages
will keep demand down. But August is
important, officials say, because it is
traditionally the last month of the
heavy-driving season. Should supplies
remain adequate during August,
coming months should pose little or no
problem in gasoline supplies.
But if the improved supplies cause
Americans to suddenly resume their
old driving patterns after several mon-
ths of conservation, the fragile supply
chain could crumble again, analysts
say.
PLEASANT FALL weatheracould
also crimp supplies. Last year, the
driving season didn't end on schedule
because of unusually mild fall weather
in many parts of the nation. That put a
severe strain on gas supplies that con-
tributed to this summer's shortage.
"Last year, the weather stayed so
good that people stayed on the road all
the way through December, when the
snows came," said Jim Tsikerdonis, an
analyst for the American Petroleum

Institute, a Washington-based industry
group. "I don't know just how scared
people are."
Tsikerdonis said any problems may
be alleviated by an increase in gasoline
inventories in recent weeks to levels
considerably greater than last year's.
These inventories, representing a few
days' supply, are used by oil companies
as emergency supplies when demand
out runs production..
THEY'RE STILL below 1977 levels"
on inventories, Tsikerdonis said. "But
having that extra cushion in there
helps."
Onthe other side of the coin,
however, is the shift being made now by
refiners into making heating
oil-known as distillate-for the winter.
The government has requested the oil
industry to build up large supplies of
heating oil to guard against a shortage
this winter.
"I don't think we're out of the woods,
especially with the desire to build the
distillate stocks higher by October,"
Tsikerdonis said.

WASHINGTON (AP) - The nation's
unemployment rate crept up slightly in
July to 5.7 per cent, but the rise was too
small to indicate that a recession is
taking its toll in the job market, gover-
nment economists said yesterday.
Total employment during July grew
by a healthy 450,000 jobs, with adult
women accounting for the gain, the
Labor Department said. And, though
unemployment among adult men rose,
jobless rates for women, non-whites,
and minority teen agers fell to their
lowest levels since 1974.
The July jobless rate compared with
a June unemployment rate of 5.6 per
cent, which was the lowest in nearly
five years. The number of people
without jobs rose during the past month

by a mere 74,000 to 5,848,000, the Labor
Department reported.
ALTHOUGH THE pace at which new
jobs are created has slowed in recent
months, the unemplyment rate has
remained unexpectedly stable, for the
past year, fluctuating between 5.6 per
cent and 5.9 per cent.
President Carter's press secretary,
Jody Powell, said the latest jobless
figures showed no significant change
and presented no reason for the
president to alter his curent economic
policies, which are aimed principally at
reducing inflation.
Powell also said Carter was "per-
sonally gratified" by the drop in unem-
ployment among non-whites.

THE MOVIES AT BRIARWOOD
1-94 & S. STATE. @ 769-8780 (Adjacent to J C Penney)
*DAILY EARLY BIRD MATINEES-Adults $1.50
DISCOUNT IS FOR SHOWS STARTING BEFORE 1:30

GOVERNMENT economists, who
expect unemployment to rise sharply in
Iran elects the next year in response to a recession,
expressed surprise yesterday that the
job market has shown so little
assemnbly to deterioration thus far.
The administration has forecast a
Srecession for this year, with a recovery
ia k e n eiv beginning in 1980.
Arnold Packer, an assistant labor
secretary and the department's chief
constitution economist, said it is "peculiar" that an
economic downturn since the spring
TEHRAN, Iran (AP) - With scant has not shown up in unemployment
privacy, Iranians cast their ballots figures. "We may see the turning point
yesterday for a 73-member assembly to in a month or two, but we havent seen
draw up a new constitution.
Officials at some Tehran polling ENDS TONIGHTI
places said they saw many people
voting for candidates from the Islamic "MANHATTAN"
Republic Party of revolutionary leader 6:20 8:10, 10:00
Ayatollah Ruhollah Khomeini.
A number of the secular figures who I ! I
might have been candidates withdrew
from contention, claiming the voting 5h Avenue at Libe rtS 1700
procedures were not deomeratic.F
OFFICIAL TRENDS will not be "People make love for so many
made public until today, with final reas os-why shouldn't
results announced Monday by the money be one of them?"
government. -The gospel according to St. Jack
The assembly is scheduled to convene
in August and, within 30 days, discuss Ben
and ratify a new charter. The con- Gazzara
stitution will then be presented to the
people for their approval and
parliamentary elections will follow.
The Parliament is expected to then
elect a president for the nation.s
Iran currently has a provisional
government headed by Prime Minister
Mehdi Bazargan.
The Islamic party advocates a char- FRST
ter calling for a religious state. RUN,
Khomeini, 79, led the successful
revolt that forced Shah Mohammad
Relza Pahlavi into exile last February.AT ,W
He and his supporters called on the SAT, SUN, WED
people to. vote ,forcandidate wh 150350J 6:00,8:00, 10:00
F4O,-OjiiU:9,,800 1:0

... .IC IR1 UUUULI I 12:05
fastest the ANN-MARGRET 2:15
420
fun in 9)UTHl RUTH 7:30
the west. lain FOSTER BROOKS PG
WAAM RADIO PRESENTS
AUGUST IS W. C. FIELDS MONTH FRI.
THIS WEEKEND' and
"NIDEGVEASCR AN EENBRAC 20
Old-Time Prices Are Back-EVERYONE $2.50
1 9 4 " 'TO FRI.
%kI SAT.
12:00
" ~MID.
FRI.
ABKend
SAT.
A I G MID.

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