The Michigan Daily-Tuesday, May 20, 1980-Page 17
Libya boost oil prices
ByTA e$3-a-barrel "exploration fee" will put
yThe Associated Pressthe total cost at $38.21 per barrel.
Indonesia announced a $2-per-barrel Algeria produces about one million
boost in crude oil prices yesterday, as barrels of oil daily.
Algeria and Libya reportedly posted in- Meanwhile, Petroleum Intelligence
creases as well. The increases came on Weekly, a New York-based newsletter,
top of price increases announced last reported that Libya increased its crude
week by Saudi Arabia and Mexico. oil prices by $2 a barrel, retroactive to
The increases ranging from $1 to $2 May 15. This brings the price of Libya's
per barrel by the five nations could benchmark export crude to $36.12 a
raise U.S. retail gasoline and heating barrel, the publication, said. Libya
oil prices by about two cents per gallon, produces more than two million barrels
said Ted Eck, chief economist of Stan- a day.
dard Oil of Indiana. Mexico raised the price of about half
INDONESIA SAID its best North of its oil production by $1.50, to $33.50 a
Sumatran crude will cost $34.75 per 42- barrel, effective Thursday. Saudi
gallon barrel, effective today. The Arabia announced Wednesday it had
nation exports 1.1 million barrels of its raised its price from $26 to $28 a barrel
total production of about J.6 billion effective April 1.
barrels a day. Mexico exports about 900,000 barrels
A Japanese news agency reported a day, and Saudi Arabia produces about
Algeria had notified.'Japanese oil 9.5 million barrels daily.
refiners that it had'raised its crude oil Indonesia, Algeria, Libya and Saudi
price by $1 a barrel to $35.21 retroactive Arabia are members of the
to May 16. Officials of the French oil in- Organization of Petroleum Exporting
dustry in Paris also said ,Algeria had Countries. Mexico is not a-member of
told its customers of the $1-a-barrel the cartel but-uses OPEC prices as a
price increase and noted that Algeria's guideline.
WHArs ThE ULTIMATE 4 1E7R A Mp
fD T'eMOW& T74ATn GROSS, OF-
AIS IVE. AL4NJCH v4AD PERMISS VRL?
My kind of town ^P Ph'0o
Interpreting this Washtenaw Ave. billboard in a way never dreamed of by the
printer s of the sign, graffiti artists let travelers know what their idea of Ann
Arbor's "style" is all about.
'U' artist, professor,
LaMore dead at 71
Chet LaMore, professor emeritus of
art at the University who was widely
known for his paintings and sculpture,
died in Ann Arbor Saturday after a
brief illness. He was 71.
LaMore was "one of the two or three
most important painters in the Detroit
metropolitan area," according to
Robert Iglehart, University School of
Art colleague and local art critic.
LaMore's works, which ranged from
social protest paintings to abstracts,
are in the permanent collections of the
New York Museum of Modern Art,
Metropolitan Museum, Library of
Congress, Buffalo Museum, Brooklyn
Art Museum, the Syracuse, San Diego
and Dallas museums, and many others.
He was also known for his sculptural
works, including metal sculpture
featuring owls and other birds.
LAMORE WAS A leading collector of
primitive art, including African,
Oceanic, and American Indian works.
He had received several Rackham
'grants to study American Indian art,
and had donated several works in his
collection to the University Museum of
He is survived by his widow, Mary.
There will be no public memorial ser-
vice. Contributions may be made to the
scholarship fund at the School of Art.
LaMore joined the University faculty
in 1947 after teaching at the University
of Buffalo, the Albright Art School in
Buffalo, and Syracuse University. He
retired from the University in 1973.
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Why waste time this summer when you can earn credit through an independent
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412 Maynard St. 763-2042