THE BATTALION
FRIDAY, OCTOBER 26, 1979
Page 7
s Energy bill may cost $30 billion
United Press International
WASHINGTON — The Senate
1 ^ Energy Committee’s comprehen-
0 sive energy bill may wind up costing
$30 billion or so over the next five
law, f e( | eB | years.
prices will ei( D eta ils of exactly how some of the
30, 195) programs would work and how
1 continue muc ^ would cost were left to
has saidli e stall members to work out after
I in gene- Wednesday’s committee approval,
nediateli I sending the bill to the Senate floor
worseninlj hy late next week,
i has, W The Senate already has approved
federal! an Energy Mobilization Board with
oil. frnm ,,^1
the power to cut red tape slowing
top priority energy projects, such as
synthetic fuel plants, and both
houses have approved a gasoline ra
tioning plan.
The key part of this bill provides
$20 billion in loan, price and pur
chase guarantees for synthetic fuels
development, money which already
has been appropriated.
Other major portions include:
— From $4 billion to $7 billion in
grants and subsidized loans for low-
and middle-income families to pay
for energy saving measures.
— About $650 million worth of
loan, price and purchase guarantees
for the development of gasohol and
about $475 million for promoting
solar energy.
— A $100 million federal revolv
ing fund to start a pilot program
under which states and localities
could contract with private firms to
make energy-saving home im
provements at no cost to the resi
dent.
Committee aides said it was not
possible yet to pin a price tag on the
measure, but estimated it would
cost, if fully funded, about $30 bil
lion over the next five years.
In another action, oil industry
supporters and northeastern liberals
combined to approve, 10-8, author
ity for Congress to veto oil import
fees or quotas that might be im
posed by the president. It was not
attached to the energy bill but will
be put on the next available bill
coming out of the committee.
President Carter has vowed to
limit imports to the 8.2 million-
barrel-a-day level of 1977.
Sen. J. Bennett Johnston, D-La.,
argued domestic refiners need an
assured supply of foreign crude, and
Sen. John Durkin, D-N.H., said
limiting foreign oil would affect
electric rates in every state east of
the Mississippi.
But Sen. Dale Bumpers, D-Ark.,
arguing in favor of letting the presi
dent keep his current authority to
make such decisions alone, said, T
trust the president to make a politi
cally unpopular decision more than
I do Congress to ratify it.’’
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United Press International
Five more oil companies have announced huge third-quarter prof
its, causing indignation in Washington and sterner calls for a windfall
oil profits tax.
Mobil Corp., the nation’s second largest refiner, Wednesday in
New York said its third-quarter profits rose 130 percent. >
Mobil said it earned $595 million, or $2.80 a share, in the third-
quarter, compared with $258 million, or $1.22 a share, a year earlier.
Mobil’s revenues advanced 31.5 percent to $12.1 billion from $9.2
I billion.
Mobil said its foreign energy earnings for the quarter were up
140.9 percent, reflecting substantial inventory profits, higher produc-
[tion in Indonesia, and improved margins overseas. Mobil’s U.S.
energy profits rose 32 percent, with new oil and gas production con
tributing to the gain.
Standard Oil of Ohio Wednesday announced the largest percent-
|age gains of any oil company for the third quarter.
Sohio’s earnings nearly tripled — 191 percent — from June to
September, $125.7 million to $366.2 million. Third quarter revenues
for the nation’s 13th largest oil refiner rose 61.5 percent, $1.30 billion
to $2.10 billion.
In Cleveland, Sohio Vice President Paul Phillips said increased
profit came from greater production of Alaskan oil and “higher market
prices for that oil.”
Cities Service Co., the 16th largest U.S. oil company, Wednesday
announced a 64 percent rise in third-quarter profits, mainly from
higher prices. Earnings: $86.1 million from $52.6 million. Revenues:
up 41.2 percent to $1.61 billion fr9m $1.12 billion.
Marathon Oil Co., ranked 17th in the oil industry, reported a 57.8
percent gain, from $50.5 million in profits to $79.7 million. Revenues
climbed 58.3 percent to $1.91 billion from $1.2 billion. The increases
were attributed to foreign operations.
Sun Co. Wednesday reported a third-quarter profit increase of 65
percent over the same period in 1978. Profits for the period totalled
$174 million on revenues of $2.6 billion, up from $105 million in
1978’s third quarter. Overseas operations and improved results by
Suncor, Sun’s Canadian subsidiary, brought in the profits, said Sun
officials.
Earlier this week, Exxon Corp., the world’s largest oil company,
reported a 118.1 percent rise in third-quarter profits. Gulf Oil Corp.,
had a 97.1 percent gain. Atlantic Richfield logged a 45.3 percent rise;
Standard Oil of Indiana had a 49 percent increase, and Conoco Inc.
announced a 134 percent rise.
The Corps of Cadets gets its news from
the Batt.
TACOS .. . AND MUCH MORE! DELICIOUS. SPICY AND
FAST FRIENDLY SERVICE.
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pouse to consider King Day bill
United Press International
WASHINGTON — Rep. John
uinyers, D-Mich., said Thursday a
bill he introduced to make Martin
Luther King Jr.’s birthday a national
holiday will reach the House floor
aext week.
j Conyers was joined by Coretta
jcott King, the civil rights leader’s
xidow, House Democratic Leader
Jim Wright, D-Texas, and four
other members of Congress who
spoke in support of the bill at a news
conference.
“We all know Dr. King and what
his memory means to all of ns and to
the American public, ’ Conyers said.
He called the bill “an historic piece
of legislation” and said next week’s
vote was “a moment we’ve worked
for, prayed for.”
He noted that, if passed by Con
gress and signed into law, it would
be the first law making a black per
son’s birthday a national holiday.
Mrs. King said the ideals of
peace, equality and justice that King
espoused may never become a
reality, ‘‘but this will bring us a little
closer to that ideal.”
14 & 846-1ISU
MSC Crafts & Arts
Committee
Student Juried
Craft Competition
Nov. 5-12 in MSC Gallery
CATEGORIES:
Wood Clay Fibre
Glass Jewelry
Submit entries to MSC Crafts & Arts Commit
tee between 12 p.m. Oct. 29 and 5 p.m. Nov. 1.
Reception, Ribbons and Dinner for first place
winners and best of shows.
For more information contact
MSC Crafts & Arts Committee
845-1515
r>
BAIXRjOOM
Snook,Texas
This weekend...
DENNIS IVEY
Friday, Oct. 26th
$3.00 Admission
Happy Hour:
7:00-8:30
MEAT, FISH and LIQUOR
SERVING LUNCH MONDAY THRU FRIDAY 11-2.
Now featuring a large assortment of salads, sandwiches and
burgers.
SERVING DINNER MONDAY THRU SATURDAY
AT 5 P.M.
Prime Rib, Steaks, Lobster, Stuffed Flounder and many
spectacular desserts.
NEW — WONDERFULLY ORIGINAL MAD MIN
UTES.
From 4:30-6:30 — All drinks poured double with a variety
h of hot and cold hors d’oeuvres.
RED STEAGALL
Saturday, Oct. 27th
$6.00 Admission
Happy Hour:
8:00-9:30
Cheapest Beer in Texas
25c Draft
during Happy Hour
15 minutes from B-CS,
3 miles west of Snook,
FM 60 & FM 3085.
LUNCHEON PARTIES
SPECIAL DINNER OCCASIONS
REHEARSAL DINNERS
815 Harvey Rd. College Station
(Formerly Beef-n-Brew)
693-1991
5 4 e & stP
MB:
r
i
Next time you re in Mexico, stop by and visit the Cuervo fabnca in Tbquila.
MSC OPAS proudly presents
Norman Luboff Choir
October 29/8:15 p.m.
Rudder Auditorium/TAMU
Tickets available at MSC Box Office or
Telephone VISA/MASTERCHARGE orders & pickup at the door
845-2916
Since 1795we\e welcomed
our guests with our best.
A traditional taste of
Cuervo Gold.
Visitors to Cuervo have always been
greeted in a special way.
They’re met at the gates and invited inside to experi
ence the unique taste of Cuervo Gold.
This is the way we’ve said rr welcome”for more than 180
years. And it is as traditional as Cuervo Gold itself
For this dedication to tradition is what makes Cuervo
Gold truly special. Neat, on the rocks, with a splash of soda,
in a perfect Sunrise or Margarita, Cuervo Gold will bring
you back to a time when quality ruled the world.
Cuervo. The Gold standard since 1795.
CUERVO ESPECIAL® TEQUILA. 80 PROOF. IMPORTED,AND BOTTLED BY © 1978 HEUBLEIN, INC., HARTFORD, CONN