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Show January 5( 1970 Wyoming oil industry leaders express concerns over import plan CASPER, Natrona County Wyo. Wyoming oil industry officials have expressed concern over a cabinet task force recommendation to end the oil import quota system in favor of a tariff system. Many say they believe at least four small oil refineries in the state would be forced to shut down if the recommendation is approved by the administration. A Casper oil producer and state representative, Warren Morton, said the total impact of changes in the oil tax treatment, coupled with a tariff system, would bring about a drastic change in the domestic oil industry.-Morton said: The first to feel the change will be .the independent refiners. A ' cancellation of the import quota tickets currently held by the In a special letter to and shareholders, Robert H. Allen, president, explained that the company expected to write off as an extraordinary charge to : million as a income some result of suspension of Mexican sulphur operations. However, he said, during the Allen said commercial production of sulphate of potash, salt cake and common salt should start during late 1970. Production of magnesium chloride for sale should begin in the latter part of 1971, he said, and at that time the investment be fully commercial operations. These raw materials include potassium, sodium, magnesium, lithium and bromine. become increasingly aware of the hazards of relying upon earnings from an extractive industry in Latin America. As a result of the concern was a move to find other areas in the U.S. for diversification. The first of its steps was a merger with Lithium Corp. of America, and in that deal Gulf acquired a 51 per cent interest in Great Salt Lake Minerals & Chemicals Corp., now building a plant near Little Mountain on the Great Salt Lake. will alter investigated of profitable commencement last four years. Gulfs management has these . eliminate will resist the temptation to play consumer politics with a commodity so vital to this nations national security, he asserted. Wyoming Sen. Gale McGee said earlier he was disappointed in the task force recommenThe administrations dation. determination to switch to a system of preferential tariffs will hinder the development of Wyoming and other states with the their operating margins. Morton said crude oil proces in Wyoming are already 30 cents per barrel below the national average, and 70 cents a barrel below the premium Gulf Coast crude oil prices which means the impact in Wyoming would be even greater than in other oil producing states. It can only be hoped that ANCHORAGE, Alaska Humble Oil & in solar ponds and processing plant facilities will amount to nearly $30 million. He also said the raw materials from the lake offer some further possibilities for diversification, stockholders. will President small and small refineries, he charged. It is believed that the proposed tariff system is aimed at lowering the price of oil, particularly for the benefit of the East Coast. Morton said the resulting loss in jobs and tax base if the tariff system is put into effect would be a blow to the Wyoming economy that would be hard to overcome producers Atlantic Richfield, Humble agree to bury hatchet in Alaska Lake seen answer for Gulf Resources Gulf Resources is counting on its new Great Salt Lake project to help it weather the loss of, its Mexican sulphur properties, the firms president has told refiners Co. Co. and Atlantic have reached several on contested agreement oil leases on Alaskas North Slope, involving transfer of about $2.75 million, the two firms have announced jointly, In a related development. Humble was named prime operator for portions of North Slope interests held jointly by the firms. Atlantic Richfield will sell- Refining Richfield - Humble one-ha- lf interest in a of tracts pair totaling about 5,000 acres in the east Mikkelsen Bay area of the Slope, the firms said. They also reported Humble will withdraw claims to North Slope leases Atlantic Richfield had obtained ffrom the former Sinclair Oil Corp. The firms said none of the leases involved in the changes are producing at this time. They said Humble will pay Atlantic Richfield the $2.75 million. Atlantic Richfield also agreed it will not participate with Humble in a lease Humble acquired recently in an area north of the Prudhoc Bay field of the North Slope. Prudhoc Bay is the area in firms jointly discovered oil in 1968. The discovery led to a sale last Sept. 10 of oil and gas leases to d land on the North Slope. Bids from all sources totaled about $900 million. state-owne- THIS ANNOUNCEMENT IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY ANY OF THESE SECURITIES. THE OFFERING IS MADE ONLY BY THE OFFERING CIRCULAR. NEW ISSUE the which 9 holiday in : ' mi FOR UTAH RESIDENTS ONLY i. i .f : ? 4 I' f- r L i 300,000 Shares I t i I , Price $1.00 Per Share 1 i i I S . -- ! ' ' i person. dble. occ. (married couples, 25 or older) PAYS FOR EVERYTHING J I FOR FREE INFORMATION NOWI CALL 322-249- or writo COPIES OF THE OFFERING CIRCULAR MAY BE OBTAINED FROM THE AGENT AT JOHN CARLSON'S SHOWROOMS AT 679 4Tele. FIESTA FLIGHTS OF UTAH 10 East 8th South SOUTH STATE ST., SALT LAKE CITY 521-61- 90 : 1 Salt Lake City, Utah 84111 Ti T3 91S4F Cm TEA A0SSSSSS SPECIALIZING IN LOW PRICE SPECULATIVE, MINING & INDUSTRIAL STOCKS OFFICE MANAGER - GENE LYNCH 399-925- 4 v ; "v , Announcing The New OGDEN SALES OFFICE of In Ogden Phone ' r Ramada lnn-24- th & Adams, Ogden, Utah In Salt Lake-Pho- ne 521-67- 70 A (U)(I-11I- S ' |