Tuesday, June 10, 1975 THE MICHIGAN DAILY Page Seven Oil corporations raise gs prices By The Associated Press Two more oil companies an- nounced increased gasoline prices yesterday as an oil cartel meeting moved toward further increases in the cost of foreign oil. Sun Oil Co. and Gulf Oil Co. announced wholesale price hikes of two cents a gallon, which can be expected to be passed along to motorists. IN LIBREVILLE, Gabon, a meeting of the Organization of Petroleum Exporting Countries (OPEC) agreed in principle to abandon the dollar as the basis of the oil price structure, meaning an increase in prices for U. S. oil companies. Several delegates also pre- dicted the meeting would ap- prove price hikes of 30 to 35 per cent effective when the OPEC price freeze ends this fall. The stock market reacted to the OPEC news with selling that left the Dow Jones indus- trial average off 9.54, at 830.10, at the close. Most of the sell- ing was at the end of the day and overcame a weak rally prompted by news that major banks were lowering prime in- terest rates. MORE THAN 20 major banks announced one - quarter point cuts to 7 per cent in the rates they charge their most credit- worthy business customers, fol- lowing New York's First Na- tional City Bank's lead last week in dropping its prime rate one - quarter to 6 3/4 per cent. The prime rate cuts are aim- ed at reviving lagging business loan demand. The prime rate is not directly tied to consumer or small business loans but changes in it often forecast changes in these. Sun and Gulf said their price increases are in line with fed- eral regulations allowing a pass- along of increased costs. The increases will automatically take effect at company-owned stations and will probably be passed along to motorists at other stations. THE PRICE hikes by Gulf and Sun follow similar moves last week by other oil compa- nies. Standard Oil Co. of Ohio increased its retail prices by 2.1 cents a gallon, and Texaco, Inc., raised its gas prices by one cent a gallon. Texaco and Exxon USA also increased prices for residual fuel oil used mostly in industry. OPEC's expected move would drop the dollar as the basis of the oil price structure and tie it instead to Special Drawing Rights, which are based on 16 world currencies. With the dol- lar down in value against most European currencies, the move would mean higher prices for American oil companies - and American consumers. The price of crude oil is now about $11.40 a barrel. Strip mining bill stripped Federal Energy Administrator Frank Zarb holds a news conference on President Ford's veto of the strip mining bill in Washington yesterday-the eve of a oHuse vote on overriding the veto. At the left is Eric Zausner, deputy administrator. Cypriots approve draft constitution New Hampshire was the first colony to declare its independ- encefrom England and set up its own government. It joined the union as the ninth state in 1788. NICOSIA, Cyprus OP) - By a vote of 37,272 to 230, Turkish Cypriots approved a draft con- stitution for their self-pro- claimed federated state in Tur- kish-occupied northern Cyprus, officials said yesterday. They said 70 per cent of the total registered Turkish Cyp- riot electorate of 52,926 voted in Sundays referendum. THE TOTAL Turkish Cypriot population of Syprus, on the ba- sis of 1960 census figures, is 120,000, or 18 per cent of the whole island population. Thous- ands of Turkish Cypriots, how- ever, have gone -to Britain and Turkey in recent years. The Turkish Cypriot emigres were also asked'to vote in the referendum through polling stations in London and Ankara. The tally of their votes is not expected until Saturday. The constitutional referendum was held despite strong objec- tions from the Cyprus govern- ment of Archbishop Makarios, which speaks for the 540,000 Greek Cypriot majority of Cy- prus. THE BASIC provisions of the constitution would enable the Turkish Cypriots to be govern- ed independently of the Greek Cypriots, but it leaves open the possibility of bringing the two communities together under a federal government. HOW IS YOUR DELIVERY? Is delivery of THE DAILY acceptable? We hope so! If not, please call us at 764-0558, MON- FRI., 10-3 and tell us what's wrong. It's the only way we can try to correct the errors. * * AND IF you want to order THE DAILY for home delivery use the some number: 764- 0558. DAILY CIRCULATION STAFF Jacobson's open Thursday and Friday evenings until 9 p.m. Saturday until 5:30 p.m. >the haircuts at the Trimmers are right on. cut $8 665-61 11 PLEASE PARK IN THE ADJOINING ENCLOSED MAYNARD ST. AUTO RAMP. JACOBSON'S WILL GLADLY VALIDATE YOUR PARKING TICKETS. Jacobson's open Thursday and Friday evenings until 9 p.m. Saturday until 5:30 p.m. HEWLETT gPACKARD CALCULATORS ACCESSORIES -~~- at 665-6111 PLEASE PARK IN THE ADJOINING ENCLOSED MAYNARD ST. AUTO RAMP. JACOBSON'S WILL GLADLY VALIDATE YOUR PARKING TICKETS.