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June 04, 1981 - Image 5

Resource type:
Michigan Daily, 1981-06-04

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The Michigan Daily-Thursday, June 4, 1981--Page 5

Round of cuts
expected as
Libyan oil
prices drop

NEW YORK (AP)-The world oil glut chipped
away at high prices yesterday with reports of price
cuts by several producers, including Libya, a
militant member of OPEC whose oil prices are the
highest in the world.
The Libyan report came from Platt's Oilgram
Price Reporter. It said a Libyan source was offering
to sell oil at $36 a barrel, compared to official prices
of $40.32 to $41, depending on quality, and that it was
clear the offer had government approval. The offer
was for a contract for 50,000 barrels a day through
"THIS PROBABLY means we're going to see a
round of cuts," said Ernest McClelland, a senior
editor at Platt's. redicting Libya "will be dropning

their price to everyone. They'll have to."
THE LIBYAN action, which was reported by a
trade publication, was not confirmed by oil com-
panies that deal with Libya. The reported $5-a-barrel
reduction would be the first major decrease by a
member of the Organization of Petroleum Exporting
The report came a day after Mexico cut the price of
its oil exports by $4 a barrel, according to U.S. oil
companies, and on the same day that Iraq reportedly
shaved 57 cents off its price by reducing pipeline
'charges. Standard Oil Co. (Ohio), the largest
producer of oil on Alaska's North Slope, cut its price
by $2 a barrel.

WASHINGTON (AP) - A total of 1.5
million acres of land in Alaska will be
leased for oil and gas exploration in
December, the first such onshore sale
in 15 years, Interior Secretary James
Watt said yesterday.
The land is part of the National
Petroleum Reserve. Congress directed
last December that leasing begin in the
23-million-acre reserve.
IN ADDITION to the petroleum
reserve, the Interior Department is
also studying what sections of another
100 million acres in Alaska should be
Officials said tracts offered for lease
in the petroleum reserve could be as
large as 60,000 acres, although most
would be around 20,000 acres in size.
WATT SAID the second lease sale in
the reserve would probably occur in
late spring of 1982.
"We are confident that this leasing
program will provide high potential
lands which have the capability of
producing substantial amounts of oil
and gas, and, at the same time, provide
for environmental protection," Watt
The reserve, located in the northern
part of the state, was created in 1923 by
President Warren G. Harding. While
some exploratory drilling has been
done, the reserve has never had any
commercial production.

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Two apartments robbed
Three thousand dollars worth of gold,
silver, and jewelry was stolen from a
ground floor apartment on the 2300
block of Packard sometime Tuesday
morning, police said yesterday. The
thief gained entry through an open win-
dow after cutting the window's screen.
Another break-in in the campus area
was reported yesterday, police said, on
the 800 klock of E. University. $390 wor-
th of jewelry and $40 in cash were taken
sometime between May 31 and June 2.
There was no sign of forced entry.

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