,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