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Show THE SALT LAKE TIMES FRIDAY, JANUARY 5, 1973 Page Twelve Higher Energy Prices Needed To Meet Demand, Banker Says The nations energy honey- sums, he says, there must be an moon Is over, an international immediate graduated price inbanker says, and prices are go- crease for oil and gas, an ining to have to rise to reflect the crease that is still less than J real costs of energy supply and believe we are going to have tc pay abroad for insecure sources delivery. American In an article in the Petroleum Institutes magazine, Edwin L. Kennedy, managing State Expects More director of Lehman Brothers, Housing Starts in 73 outlines the ever increasing deAnother banner year for hous mand for energy and the steps that should be taken to meet the ing starts is predicted in 1973' however, it will have to be an demand. According to Mr. Kennedy, exceptional year to surpass this Mankind has consumed more year of 1972. Mortgage loans provided by energy in the past 30 years than in all history before 1940, and Utahs savings and loan associa in the next 30 years, mankind tions through November came tc $242,581,269. This is an all time will use for more than that. With regard to energy, Ken- record, according to Emerson L of the Utal nedy says, the United States now Hardy, president Loan and League. Utal has three courses open, it can do Savings and lean associa without energy, it can increase Insured savings its dependence on Middle East- tions supply a big share of th ern oil, or it can take steps to financing for new and existin; dwellings in the state. At the increase it domestic supply. Though the nation probably end of November total mortgage cannot avoid some increase in loans outstanding amounted tc energy imports, Kennedy be- $704,482,808. Utah savings and loan leaders lieves we must not become over sources. overseas on are predicting an overall decline dependent forof in housing starts in 1973 fron The steady availability eign oil is open to question, he 1972, but 1973 still looks as gooc as 1971, which was a very good says. advoThe investment banker year. cates the pursuit of the third Net savings gains are also ap thinks He that action. course of roaching a new record high fci maximum efforts should be made one year. At the end of elever to increase domestic supplies. months net deposits totaled $94, Such a course of action, Mr. 191,283. This is only about $! last year's al Kennedy says, will be costly. He million short cf in record time savings an gain cites estimates that the energy industries will require some it is expected that savings gain $475. billion for domestic explo- in December will push the tota ration and research, plus an- above last years high mark. other $75.9 billion for working capital and debt amortization in the next 15 years. These estimates may be too low. I feel billion should be spent on domestic oil and gas exploration and develstrongly that another opment. To generate $50 such enormous Salt Lake Gains National Restaurant One of Salt Lakes most unusual restaurants, Ali Babas, opened this week with ribboncutting ceremonies. Officially opening the restau-'an- t were the Salt Lake Area Chamber of Commerce good will The Salt Shakambassadors, ers.. Located at 213 East 33rd So., he family restaurant will feature new exotic cuisine with a flavor. Owner and nanager Paul G. Begum, a native of Afghanistan, says his estaurant trade name of Al 3abas, the phrase Open Ses-.m- e and his building designs .re copywrited and patented. The restaurant employees number 40 for the $200,000 building hat occupies .4500 square feet jf floor space. I began the Ali Baba concept in St. Louis, and after cur Halt Lake operation is well we will begin a New-or- t Beach operation and per-lap- s go public on the stock market, he said. nid-Easte- rn un-lerw- ay What Are the Possibilities for Synthetic Oil Development? Although the National Petro leum Council estimates that syn thetic oil sources will be provid ing less than one per cent of U.S energy requirements by 1985, ir the future they could become important new source of energy Just what are the possibilitie ahead for synthetic fuels? Oil shale contains on organic material called kerogen which when heated to temperatures be tween 800 and 1000 degrees F releases vapors that eventually can be refined into petroleum products. Although oil shale occurs over widespread areas of the United States, there are snags. Says the magazine: 1. One and one half tons of rocks must be processed for each barrel of oil produced, which will, of course, create environmental problems. 2. To produce one million barrels of oil a day from shale, an investment of about $5 billion would be necessary, according tc Itneverhurts to know important people. if its printing... dial 364-846-4 In the Army Reserve you get to work with many leaders from your community as well as professional and business leaders. 1coplc you'll enjoy knowing. . TheArmy Reserve. Itpaystogotomeetings. proudly presents the ss&sJ METROPOLITAN DO YOU The more you make, the more you spend its a common complaint these days, but If you really wonder where its all going, these tips from experts may manage your help you more finances effectively. Here today, gone tomorrow. . . may mean that youre mistaking all of your RATE ON MONEY Live from New York - non-polluti- ng Tech. Sgt. Rodger A. Ford, son of Mrs. Ila J. Ford of 1671 East Ninth South, has received the U.S. Air Force Commendation Medal at Offutt AFB, Neb. He is a communications equip- ment technician and was cited for meritorious service at Clark AB, Philippines. paycheck to spend as you like, after deducting taxes, food, rent, telephone, gas, electricity, insurance and credit payments. Held captive by a cruel budget?. The best budget has some give in it to allow for emergencies, and even an occasional whim. Experts advocate building a little uncertainty into your budget deliberately. If a friend should call up to tell you about a special sale or auction some Saturday morning and your budget has no- provision for fantastic the even when bargains is something you bargain need very badly and may - MANAGEMENT been saving up beware of have re in trouble. Not only should your budget be flexible, but $500 or at least $200 should be kept in a safe place right in the house, preferably in easily for-you- convenient refundable, denomination First National City Travelers Checks, so that income for discretionary income the amount you have left over from each Saturdays at Noon National Petroleum Council stimate. However, this oil will Te partially refined, and thus ?cmmand a premium price, close to $4 a barrel compared to the current average crude price of 3.41 a barrel. 3. The federal government has been slow in granting attractive lease terms for shale oil development, and 80 per cent of this oil shale is located on federal land. U. S. tar sand deposits are smaller and inferior to the Athabasca deposit in Canada, and a tar sands plant in Athabasca has not yet proved commercially viable. Some 85 to 90 per cent of tar sands reserves are too deep .o be mined, and so far prohibitive costs limit the contribution ihese sands can make to our energy picture in the near future. A Bureau of Mines experimental process converts organic waste of garbage, trash, animal synmanure, into recent oil. A thetic low sulfur lemonstration indicated that one barrel of low surfur fuel oil can be prcduced economically from :ne ten of municipal waste. But this concept can have only a minor impact on our energy situation. Even if all municipal waste were converted at this ratio, it would supply our petroleum needs for less than two weeks. Organic waste conversion bas yet to prove itself cn a commercial scale, and much more research is needed. In fact, more research seems to be needed in the entire synthetic fuel area. Technology may yet provide the answers, but for the rest of this decade, at least, synthetic fuels as major energy sources can appear only as intriguing possibilities. MANAGING YOUR MONEY HOW KWHO m t temptation. If moneys tight, ask yourself Do I really need that?' and then ask again. Is your financial situation beginning to pinch? If some budgets could say ouch, they would, but the signs of financial frost are usually so faint at first they can easily gO( unnoticed. Are your savings shrinking? Does your installment debt (including charge accounts) come to more than 20 of your income? To avoid sliding into the financial doldrums, youve got to evaluate your you 'can take advantage of sudden opportunities that or its require cash equivalent. , or Sly shopper outsmarting yourself? Money can go farther if you watch your newspaper for specials at the supermarket or sales at local department stores, but family's position often so you can make adjustments early, when its easiest. In over your head? If the bills are too big and coming in too fast, seek professional banking advice as soon as possible. Understanding and cooperative, your bank might a loan that suggest consolidates all your debts, leaving you with only one financial obligation to pay off over a longer period of time, at smaller installments to ease the strain on your budget. |