Carrol Daily Times Herald from Carroll, Iowa on April 3, 1974 · Page 12
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Carrol Daily Times Herald from Carroll, Iowa · Page 12

Carroll, Iowa
Issue Date:
Wednesday, April 3, 1974
Page 12
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The Ending of Embargo Puts More Power in Hands of the Saudis —By NE A-Lotidon Economist News Service LONDON - On a superficial level* the decisions by the oil-producing countries to freeze posted prices, lift the embargo against America and raise production levels were all good news. But fewer and fewer people in or outside the oil industry any longer claim to understand what is really going on: The oil companies certainly do not. ..-. . Despite the well-publicized record profits they rnade in the last quarter of 1973. they have lost much of their former power. Some of the oil-producing countries regard the oil price as a political issue, and they are split bet- Ween those who want to punish America for being pro-Israel and those who want to reward jt for becpminjt Je_s_s so. it was disagreement over how much America has changed its policies toward Israel that split the Arab ranks at the two oil meetings held in Vienna. At the first, a meeting of the Organization of Petroleum Exporting Coun- '74 Figurette Showcase April 5 at 8:00 P.M. ELKS CLUB Lunch and Show $1.50 Many Door Prizes Featuring Figurettes unique line of lingerie, beautiful sleepwear, and all new swimwear. tries (OPEC). Saudi Arabia was alone in demanding that the posted price for oil be lowered. Itwasnnn-Arah Iran that applies strong pressure for a price rise. It would probably have won the day before Christmas if Sheikh Ahmed Zaki Yamani. the Saudi Arabian oil minister, had not threatened if that happened to lower prices unilaterally, a move that would probably have broken up OPEC, At Christmas, Sheikh Yamani was unprepared, and was out-maneuvered by the Shah of Iran. This time he was ready, and knew how to react. Yet he was far from getting his own way. Only a month ago in Riyadh Sheikh Yafilani was privately expressing his confidence he could win enough support at Vienna actually to lower prices. Most of the support would have had to come from the others Arabs, who would have largely regarded it as a favor to America for helping out on Israel. But Sheikh Yamani, apparently, could not win this favor for America and also carry the day at the second meeting, held by the Organization of Arab Petroleum Exporting Ctfuh- tries (OAPEfc). to discuss the ending of the oil embargo against America. '/'«.'. If there hadLtteen any-such hovp'e it was dashed,by PreSfdent Nixon's sur- prisinglj' Ill-advised tough talk Times Herald, Carroll, la. Wednesday, April 3, about the embargo shortly before the oil meetings began. Mr. Nixon's remarks so irrated the Syrians that what was expected to be a brief meeting, largely devoted to settling the wording of a com- munique that would end the embargo, was turned into a long drawn-out battle that the Saudis barely won. Algeria made its agreement conditional on a review of the situation on June I. Syria and Libya refused to accept the decision. Iraq, which had refused to attend the meeting, will also continue the embargo. But Abu Dhabi, Bahrein, Egypt, Kuwait and Qatar have joined Saudi Arabi in putting the oil weapon into its scabbard. It will stay there so long as Egypt approves of America's Middle East policies. Most oilmen now expect Arab production to rise close to the 20.7 million barrels a day that were being produced before the start of the October war. But what happens if, at present prices, that produciton cannot be sold? Since high prices and mild winter have between them cut world demand by as much as 10 per Healthfully Stretches Meat Dollar By Gaynor Maddox (NEAWriter) Would you be interested in saving around 63 cents on every 1'/a pounds of hamburger you serve? Then consider the expertise of a young woman in -business who prepares dinner her family, consisting of h£r husband 'and two young children, ages 9 and 6. She uses a package of texturized soy protein to do the trick. More home use of soy protein is possible today through use of giant contractors to remove the oil from soybean to form the flakes which are the basis of a wide range of food products. Three such are soy flour, soy concentrate and soy isolate. Because of soybean's high rate of protein, the textured foods have practically the same protein rating as meat products. Cutting meat costs can result, for example, with use of one package of texturized soy protein with one pound of chopped round steak. The tex- turized soy protein costs 29 cents. Water is added to the tex- turized protein until it is the consistency of bread dough. Then it is blended into the pound of chopped beef. She pan broils it. "My fam'ily iifnot aware of the addition of soy'protein. They just eat it. which is a good DISCOUNT FOOD CIALS In Parkway Plaza * cast Hwy. 30 & Vine St. FOOD PRICES GOOD THRU SUNDAY, APRIL 7, 1974 STORE HOURS 9:00-9:00 MONDAY - FRIDAY 9:00-6:00 SATURDAY 1:00-6:00 SUNDAY AFTER CHURCH Shasta SHASTA CANNED POP Assorted flavors 12-oz. Reg. 2 for 25< 1 0-02. 'GIBSON'S COUPON' NABISCO SNACK CRACKERS Your choice Reg. 65< CHIPOS potato chips 0703 CHIPOS Potato Chips 12-Oz. with coupon GOOD VALUE FROZEN VEGETABLES Corn, Peas, Mixed Vegetables 2-oz. Reg. 49< ••-•••M GIBSON'S COUPON-- 1303 § : . ':•• -I Betty Crocker I ANGEL FOODI CAKE MIX i Regular or Confetti • with coupon , • True Value Frozen ORANGE JUICE 6-01. Reg. 25 C for $100 (Monte) DEL MONTE SEEDLESS RAISINS 24-oz. Reg. $1,59 Farmland Mild or Hot without coupon 81' without coupon 77< Coupon good at Oibwn'i, Carroll PORK SAUSAGE Reg. 93' 1-Lb. Good at Gibum'i, Carroll 7, 1974 . ^ t • B| »rwww Ml «*IBM»n *l ^hr«Sunday,Apr7,1974 I_ thru Sunday, Apr. REGISTER ForWoHd'si Toy and Game Filled Easter Bunny Drawing to be held April 12, 1974 ...Children.rnu^tqjieprnp-aniea by adult. Candy Filled Easter Baskets Decorative baskets, filled with Easter grass and topped off with delicious Easter candy. Values $1.19 to $3.59 : $ to way to tell me they like it,"she says. "It does stick a little to the pan because the soy protein absorbs fats and juices. It doesn't shrink quite so much as pure beef either." Persons eating this mixture are getting meat with less cholesterol in an almost perfect protein. "So you can understand," the young homemaker adds, "why I use it often during these days of terrible inflation. I use it in my meat loaves, meat balls and other beef dishes. Everyone likes it." Most supermarkets now sell textured soy protein. Some is fortified with vitamins or minerals. Read the labels carefully for this information. Many markets also sell mixtures of chopped beef and soy protein in plastic trays, just like other meats. They are clearly marked. They sell at about 20 to 25 cents less than all-meat and are gaining greater homemaker acceptance daily, markets report. We asked a spokesman for the American Meat Institute what its attitude was toward use of textured soy protein. The answer was: "We consider it an important supplement to beef but a substitute. For most satisfactory results use a mixture of 75 per cent beef and 25 per cent textured soy. It is used in school luncheons." he says, "and also in myriad commercial products such as chili con came, frozen beef patties, meat sauces and the like." Beside being used as an extender for erounri beef, textured soy in form of analogs are used as alternates to meat, fish and poultry protein. People report that these protein analogs often look and taste like meat, fish and poultry. They are intended mainly for people who don't eat meat for religious reasons but are used also by many others. They are on sale in many supermarkets and generally in health food stores. cent, according to some estimates, compared with a previous 5 per cent annual growth in demand, a recovery of produciton to the old levels might stun the Arabs by producing the oil surplus that would threaten to bring oil prices tumbling. Would thev then, particularly Saudi Arabia, continue to produce at such levels after the surplus had appeared,or would they cut production again to hold up prices? Saudi Arabia, now producing 7.3 million barrels a day. says it will raise this by another 1 million barrels a day to accommodate the Americans, which would put it up to the level it was producing last September. If it wanted to, Saudi Arabia could force prices down and other producers would have no option but to follow. The oil companies are also worried about the price they will have to pay the Arabs and others for the oil that belongs to them under the terms of the raft of new participation agreements. The terms of these are all being changed to give the producing countries majority, and the oil companies minority, control of the oil installations almost immediately, instead of over the 10 years originally promised. The international oil companies have mostly resigned themselves to the complete loss of their installations in the near future, so the degree of participation is a secondary issue, as is the amount they will get in compensation. The companies mainly care about how much of the oil they will be allowed to buy back for distribution and at what price. The present frozen posted price of oil, $11.65 a barrel, is an artificial figure used to calculate the taxes and now paying on the oil. 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With the just-right Burma collar. Short sleeves to keep you comfortable while you feel elegant. EDDIE CARROLL

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