European Stars and Stripes (Newspaper) - February 11, 1992, Darmstadt, Hesse                                Tuesday february 11, 1992 the stars and stripes b Page 17money matters open Leader says hell push production Cut to boost prices open Oil production january 1992, in barrels per Day 1. Saudi Arabia 8.5 million 2. Iran 3.5 million 3. United Arab emirates 2.4 million 4. Venezuela 5. Nigeria 6. Libya 7. Indonesia 8. Algeria 9. Kuwait 10. Iraq 11. Ecuador 12. Gabon 13. Qatar Quot a s a r % s s .v.,.y.sssss>va>jr fafsssv.snnsv.yv.-v is Var w v  n \ s ism s a s k source International Energy Agency 2.3 million 1.9 million 1.6 million 1.4 million 800,000 440.000 400.000 300.000 300.000 300.000 l .34 o w vv.v.-.vv. .wo. It lava ajl k s ass s n set n a we j castello the Price of gasoline at the pump snowed Only a slight drop nationwide in the past two weeks suggesting a three month Price slide has ended an Industry analyst said sunday. A Survey of 13,000 Gas stations nationwide Friday found the average Price of All grades of gasoline including taxes was $1.17 per gallon said Trilby Lundberg in los Angeles. That represents a drop of two thirds of a Penny from Jan. 24. A there is a turnaround in the making a she said. A this May be the end of the Price  the Survey showed the average per gallon Price of Gas at self serve Nimps was $1.03 for regular unleaded $1.20 for Premium unleaded and 99.7 cents for regular ended. At full service pumps the average was $1.33 for regular unleaded $1.48 for Premium unleaded and $1.35 for regular leaded. J London up mondays i rates for the . Dollar to other currencies. Figures Are expressed i in dollars to the British Pound other local currencies in dollars a Gold was quoted at $354.70 an ounce Silver at $4.18. Feb. 7 feb. 10british pound.1.8345 1.8329 German mark.1.5620 1.5647 French franc5.3800 5.3330 dutch guilder.1.7786 1.7572 i. Belgian franc32.22 32.22 f italian lira1,188.60 1,178.35 Swiss franc.1.3965 1.3965 greek drachma182.98 181.10 turkish lira5,511.50 5,489.40 saudi arabian hyal3.7497 3.7501. Spanish peseta99.45 98.56 portuguese escudo136.38 134.99 Canadian dollar1.1810 1.1766austrian Schilling. 11,12 11.00 norwegian Krone. 6.2030 6.1350 danish Krone.6.1275 6.0630 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1.53 through tuesday based on mondays noontime Price fixing. I Coke wins games rights for 94, 96 it Atlanta a the coca f cola co. Announced sunday that it s has secured marketing rights for the 1994 and 1996 olympic games r becoming the first global sponsor i for the events. J under the agreement coca cola will be the Only . Soft drink maker allowed to use olympic symbols and mascots in advertising and promotions in 100 countries. It also has exclusive rights for the Selling of soft drinks sports drinks and juice products of coca cola at All olympic events. A similar agreement signed in 1988 expires this year. Coke already is spending More than $20 million on new ads and promotions during the Winter olympics in Albertville France As its exclusive soft drink sponsor. Plans for the new sponsorship program were announced sunday in Albertville. A spokesman declined to say How much Coke paid for the promotional rights. By Youssef m. Ibrahim the new York times Paris a the president of the organization of Petroleum exporting countries said sunday that he would press for a significant Cut in Oil production to prop up sagging prices which have dropped by 20 percent since november. Jibril amino who is also the Oil minister of Nigeria said he would ask Opecz a 12 members to reduce production by about 6 percent when they meet wednesday in Geneva. At the moment the average Price of open crude Oil is about $16 a barrel and open output has increased to an 11-year High of 24.2 million barrels a Day. Americans and other Consumers have been enjoying the benefits of Opecz a High production. Retail gasoline prices Are at their lowest in months and heating Oil prices Are also quite Low. A i think we need to Cut by 1.5 million barrels per Day in order to firm up prices arrest the slide and begin moving toward the $21-a-barrel�?� Price that open has set As a goal amino said in a statement issued in Lagos Nigeria before he left for Geneva. Venezuelans Oil minister Celestino armas said last week that there was a a growing inclination among open producers to agree to reduce output in order to raise  but agreeing on How to regulate production is never an easy matter for open whose members usually have a difficult time deciding on who will get what share of the production agreed to. Numerous meetings in recent years have ended in stalemate or with production ceilings agreed to that were subsequently ignored. And this weeks meeting is Likely to be Little different. Iran Libya and Algeria Are seeking the largest cuts in production As much As 10 percent. But any agreement to limit output requires the consent of saudi Arabia open s largest and most influential member. The saudis currently pump about 8.5 million barrels of Oil a Day roughly 35 recent of Opecz a total. And saudi Araia has been Adamant about retaining such a share whatever cuts Are made. The pressure to Cut output and increase Oil revenues also reflects economic hardships and social tension in Algeria and Venezuela situations that have been heightened by declining Oil Revenue since november. The saudis have tried to strike a conciliatory note in recent weeks saying they Are willing to reduce output in conjunction with others. In late january saudia Arabia reduced production by 100,000 Washington up a tax Cut of several Hundred dollars for the Middle class a proposed by president Bush and some leaders in Congress a will not end the recession nor will it help to end it a Harvard economist says. On Cable news networks news show news maker sunday Robert Reich an economist with the John f. Kennedy school of government at Harvard University in Cambridge mass., also said Bush a proposal to reduce the capital gains tax could turn into a another tax lawyers employment program a if it causes Federal tax Laws to become As complicated As they were before the 1986 tax Reform act. Reich and two other economists appearing on sundays program said the exploding Federal debt is one of the most pressing problems threatening the Long barrels a Day. But the saudis have been deliberately vague about How far they will go so that they will have More leeway for the negotiations in Geneva. The saudis already dispute the generally bearish views about soft demand for open Oil in the second Quarter suggesting they May opt for the smallest proposed Cut of 5 percent. Although open economists and the International Energy Agency in Paris estimate the world will need Only 22.7 million barrels a Day of Opecz a crude starting in March the saudis say demand will be higher than that. For the last 18 months open has been spared the difficulties of reducing output because of the disappearance of Kuwait and Iraq As key Oil producers. The other open members made up for the shortage by pumping As much Oil As term economic health of the United states. A we should be outraged that there is no plan for a balanced budget by either the president or Congress said Jerry Jasinowski economist and president of the National association of manufacturers. Despite the Tough talk about reducing the deficit from the administration and Congress a there is no indication that the deficit will go Down judging by the administrations current budget proposal according to economist Henry Kaufman of the new York firm Henry Kaufman and co. Inc. And Reich said the huge deficit would be much less troubling if it were accumulated because the government was investing in things such As education and infrastructure that improve the country a they could produce. T by far the greatest beneficiary of this. Policy of High production has been saudi Arabia. Its share of Opecz a Overall output went from 24 percent before the persian Gulf crisis began in the summer of 1990 to 35 percent now. Iraq which has been banned by the United nations from exporting Oil since it invaded Kuwait in August 1990, has rejected a . Proposal to resume limited exports of about 1 million barrels a Day largely because of a dispute on How much of the revenues from such exports Iraq would be allowed to collect. Kuwait which had a pre invasion output capacity of 2 million barrels of Oil a Day is still recovering from the ravages of War. Although the fires set by retreating iraqis in kuwaiti Oil Fields have been virtually extinguished much rebuilding is required. Long term competitiveness rather than on defense and interest payments. The economists had some optimistic things to say about the Economy. For one the Economy May not be recovering As people would like but Many households Are paying off significant portions of their debt which a is terrific for the Economy in the Long term Reich said. And Jasinowski was generally pleased with Bush a budget because it does not try to do too much. He says that if the Federal government tries to pull the Economy out of recession with drastic measures it will drive up Long term interest rates and inflation. However Jasinowski said he is fearful that Congress will draft a budget that will fuel inflation. Tax Cut won t end recession expert warns