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.

July 16, 1975 - Image 7

Resource type:
Text
Publication:
Michigan Daily, 1975-07-16

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

,Wednesday, July 16, 1975

THE MICHIGAN DAILY

Page Seven

Wednesday, July 16, 1975 THE MICHIGAN DAILY Page Seven

Gasoline prices to soar
to 75 cents per gallon

NEW YORK (P) - Motorists
who recently saw gasoline pric-
es pushed up three to four cents
can expect to see them go even
higher before the heavy sum-
mer driving season ends. Some
estimates indicate the price of
-gasoline could soar over 75
cents a gallon by the fall.
Experts say price jumps of a
penny or two are likely to drib-
ble out during the summer with
the potential for a major in-
crease some time after Septem-
ber.
NOBODY knows what the next
move in o lpricing will be or
how big the increases will be.
Options being debated in Wash-
ington, oil company headquart-
ers, gas station offices and o ii1
exporting countries will al in-
flience the price paid at t h e
pump.
Herbert Hugo, senior editor of
Platts Oilgram's Price Servize,
said gasoline prices should re-
main relatively stable through-
out August. However, he seaf-
firmed his prediction that gaso-
line prices should increase to
between 70 and 75 cents a gal-
lon by the end of the year.
"There are endless queasion
marks. You have to look to
Washington for answers,' the
petroleum industry analyst said.
THERE IS the possibility that
Americans will be payi-ig 15
cents a gallon more if price
controls are lifted all at once,
one Senate committee says. In
addition, oil companies and re-
tail outlets could raise the price
by a combined total of 31/2 cents
at any time by pasing along fed-
erally allowable increases. That
would make for an averae price
for regular gasoline of 775 cents
a gallon. The average curcent
price is 59 cents a gallon.
Here's a rundown on the sAt-
uation:
-President Ford has urged
Congress to end domestic o iil
price controls over a 3Ol-month
period, a change which he says
could raise the price of ga soline
another seven cents a gallon.
CURRENTLY 60 per cet of
domestic production is controll-
ed at $5.25 a barrel. It is called
"old oil". The rest of J.S. pro-
duction is called "new oil" and

represents new oil production
since 1972. New oil is freed from
controls and has been selling for
prices close to those charged by
the Organization of Petrsteum
Exporting Countries - OPEC --
just under $11 a barrel.
-The Senate yesterday passed
and sent to the House a bill to
extend current price co'irols
beyond their present Aug. 31 ex-
piration date. The Senate Inter-
ior Committee said immediate
end to federal price controls on
old oil could raise fuel prices
15 cents a gallon.
-,--OPEC is also likely to i-
crease its prices in Septenmber
which would influence the prices
of domestic crude as well. The
U.S. imports about 37 per cent
of its oil anyway.
- Economists also note the
oil industry has about $840 mil-
lion in costs incurred but not yet
passed along as permitted by
federal regulations. This could
increase prices another 1 h
cenhs a gallon. Gas station own-
ers are estimated to have an
additional two cents of allowable
increases they have yet to pass
along.
Political observers expect an
eleventh-hour compromise ever
decontrol.
They believe Ford will sstain
a veto of the extension to the
Petroleum Allocation Act, but
will be unable to quickly enact
his gradual decontrol bill. Faced
with the prospect of immediate
decontrol of oil prices Sept. 1,
Congress and the adniist;'a-
tion will reach an accord under
this scenario.
GASOLINE price increases of
from a penny to three cents just
before the Fourth of July
brought the oil industry an ad-
ditional $5 milliion a day in te-
venses and set off a Senat" in-
vestigation, scheduled to start
today.
A shar reduction in gasoline
inventories, now at thair lowest
level in five years and at a time
when demand was increasing,
led major oil companies to raise
prices.
It is etimated that 1.2 mil-
lion motor vehicles will be
checked by the California High-
way Patrol for noise-emission
violations during 1975.

ON EDAY -NLY
FROM 10 A.M. 'TIL 11 P.M.
WEDNESDAY, JULY 16th
The ANN ARBOR MUSIC MART
HuuOUR STEREO SALE
All Items Subject to Prior Sale QUANTITIES LIMITED
10-11 A.M.: GARRARD 42 CHANGER
REGULAR 102.80 from 10-11 A.M. 42.88
11-12 P.M.: SUPERSCOPE TAPE DECK
Cassette CD 302A
REGULAR 189.95 from 11-12 P.M. 127.88
12-1 P.M.: PAIR OF IMAGE 44 SPEAKERS
REGULAR 160.00 PAIR from 12-1 P.M. 49.88
1-2 P.M.: MARANTZ 2230
30 watts rms per channel stereo receiver
REGULAR 399.95 from 1-2 P.M. 234.88
2-3 P.M.: SHURE V-15 TYPE III
STEREO CARTRIDGE
REGULAR 77.50 from 2-3 P.M. 49.88
3-4 P.M.: SUPEREX PRO B VI HEADPHONES
REGULAR 65.00 from 3-4 P.M. 24.88
4-5 P.M.: SANSUI 441
REGULAR 219.95 from 4-5 P.M. 159.00
5-6 P.M.: Got to take a dnneir break but
well give you a bargain here also:
SHURE M91 ED CARTRIDGE
REGULAR 54.95 from 5-6 P.M. 17.88
6-7 P.M.: TEAC 160 CASSETTE DECK
REGULAR 269.80 from 6-7 P.M. 199.88
7-8 P.M.: AUTO 8 TRACK PLAYER
by TENNA
REGULAR 49.95 from 7-8 P.M. 26.88
8-9 P.M. SUPERSCOPE C-101 A
Cassette Recorder (Portable)
REGULAR 59.95 from 8-9 P.M. 39.88
9-10 P.M.: AUDIOVOX (the smallest made)
FM CONVERTER
REGULAR 34.95 from 9-10 P.M. 16.88
10-11 P.M.: We are running out of bargains
but we'll dip down in the grab bag and come
up with something
PIONEER PL-12 TURNTABLE
REGULAR 99.00 from 10-11 P.M. 76.00
AN&6NE SATRB T SiCEET
336 . STATE STREET

769-4980
m rg OPEN DAILY 10 A.M.-7 P.M. BANKAMERIcAIW
FINANCING AVAILABLE

MICHIGAN
REPERTORY'751
AT THE UNIVERSITY OF MICHIGAN
TONIGHT thru July 26 °
THE HOT L BALTIM RE*
in repertory with
THE RIVALS
TOMORROW thru July 25
PERFORMANCE TIME 8:00
Tickets available at Mendelssohn Box Office
763-1085
Tickets also available at Hudson's
Monday-.Fridav 12:30-5:00
Perormanve Dos 12:30-5:00 sod 6:00-8:00
*Recoimmendea foerematuee audiencei

Back to Top

© 2020 Regents of the University of Michigan