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May 23, 1980 - Image 8

Resource type:
Text
Publication:
Michigan Daily, 1980-05-23

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Page 8-Friday, May 23, 1980-The Michigan Daily

Gas prices:
Mobil lowers
as Exxon hikes

From APandUPI
Mobil Corp. cut the price of its
gasoline 3 cents a gallon yesterday, but
Exxon Corp. raised its price 2 cents as
Americans prepared for the long
Aemorial Day weekend.
Exxon, the nation's largest oil com-
pany, said the increase was required as
a result of Saudi Arabia's decision last
week to raise its price for crude oil $2 a
barrel.
MOBIL, ALSO a major Saudi
customer, said its cuts were necessary
to comply with President Carter's
voluntary price guidelines.
The announcements came as Nigeria
was reported to have joined in the latest
round of price increases by members of
the Organization of Petroleum Expor-
ting Countries.
Nigeria, the 10th OPEC nation to lift
its prices within eight days, slapped an
across-the-board increase of $2 a barrel
on its crude, effective yesterday,
Petroleum Intelligence Weekly repor-
ted in New York. The action pushed
Nigeria's basic light crude to '$36.71 a
barrel.
OPEC'S PRICES now average just
under $32 a barrel, ranging from $28 a
barrel for Saudi Arabia's benchmark
crude to $38.21 for Algerian oil.
Petroleum prices may nearly double

again by 1985, costing consumers $142
billion and thwarting current efforts by
the government to harness inflation, a
congressional study said yesterday.
The report by the Congressional
Budget Office also said the nation's
reliance on imports is so great that
there may be no economically sound
way to achieve energy independence in-
the near future.
IN WASHINGTON, the House Ways
and Means Committee voted 27 to 7 to
kill the president's 10-cent gasoline fee
yesterday, prompting backers of the
move to warn congressional leaders not
to stand in the way of the snowballing
legislation.
The vote by the tax-writing panel now
means the repeal legislation is ready
for floor action in both the House and
Senate.
Democratic leaders are expected to
use stalling tactics to delay the vote,
but one key administration ally on the
committee, Rep. Charles Vanik (D-
Ohio) said these tactics may be futile.
Motorists will have plenty of gasoline
for the Memorial Day weekend and a
holiday dividend of slightly lower pump
prices for the first time in two years,
the American Automobile Association
reported yesterday.

I
a
6

Spring footwear
President Carter, left, enters a Portland, Oregon hotel early yesterday
after a run in the rain. At right, Carter, wearing heavy boots, leaves a heli-
copter upon arriving at Kelso Airport in Washington. Carter was visiting
a Red Cross relief center and later toured the area of the Mount St. Ilelen
volcano.
Jobless rate highest
in past 1years

S 4 sy STARTS TONITE
C A M P U MON, TUE, THUR, FRI, 7-9:30
-6---4--- SAT-SUN-WED
1 30-4:00-7:00-9:30 PM

(Continued from Page 1)
restrictions it put on borrowing in Mar-
ch.
The actions should make credit
somewhat easier and less expensive to
get stsrting next week for businesses
and in about two weeks for consumers,
a Federal Reserve statement indicated.
Big banks yesterday reponded to
greater availability and lower cost of
money with a new cut in their prime
rate for business loans and by cutting
the rate for mortgage loans to con-
sumers.
CHASE MANHATTAN, the nation's
third-largest bank, led the drop in the
prime to 151/2 per cent from 16 per
cent and was followed by New York's
Bankers Trust and other banks
throughout the country. The 15 per
cent rate is expected to spresd.
Speculators and institutions, hear-
Use Daily
Classifieds

tened by sharply falling interest rates,
drove the stock market to a two-month
high yesterday in the biggest rally in a
month. Trading was fairly active.
In commenting on the prime, a Chase
spokesman said it was passing along
the lower cost of funds to, borrowers.
Because Congress overrode usury
ceilings, allowing free market forces to
work, "the same factors were rippling
through to the mortgage market," he
added.
THE DROP IN the prime, and the
mortgage rate, follows an easing by the
Federal Reserve of its tight rein on
reserves that banks have available to
lend at the same time that loan demand
has fallen off.
"These actions do not represent any
change in basic monetary policy as
reflected in the targets for restrained
growth in money and credit over 1980,"
the central bank warned.
But, it said, "evaluation of recent
banking and other credit data, in-
cluding trends in consumer credit, in-
dicate that current developments are
well within the framework of the basic
monetary and credit objectives of the
Federal Reserve and the special
measures of credit restraint
established last March 14."

q

.the U
Produced by FRANZ SEITZVOLKER SCHLONDORFF and ANATOLE DAUMAN
Directed by VOLKER SCHLONDORFF Based on "THE TIN DRUM" by GUNTER GRASS
Screenplay by JEAN-CLAUDE CARRIEREVOLKER SCHLONDORFF
and FRANZ SEITZ in collaboration with GUNTER GRASS
Roger Corman Presents A New World Pictures Release
R01979 Franz Seitz Film-Bioskop Film-Artemis Film-Argos Films

INEMA II
PRESENTS
THE CONFORMIST
(Bernardo Bertolucci, 1970)
Bernardo Bertolucci weaves an intense, visually captivating
narrative of a young man whose desire for security and an
end to his sexual confusion lead him to facism and murder.
His political corruption is paralleled by the decadent society of
Europe in the 1930's. JEAN-LOUIS TRINTIGNANT, STEFANIA
SANDRELLI and the lovely DOMINIQUE SANDA star. Italian
with subtitles. (116 min)
ANGELL HALL 7:30 & 9:30 $1.50
Tomorrow: SMALL CHANGE

4

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