ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Wednesday, December 11, 1996 TAG: 9612110084
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
Iraq's re-entry should mean relief at pumps
DALLAS - Crude oil prices tumbled 31/2 percent Tuesday on the lifting of sanctions against Iraq and its re-entry into the export market, meaning American motorists ultimately should see some relief at gasoline pumps.
While the prospect of Iraq's return had barely dented worldwide oil prices in recent months, there was an impact after Saddam Hussein turned on a pipeline to carry oil to Turkey's Mediterranean coast.
The price for January delivery of light, sweet crude oil dropped 88 cents to close at $24.42 a barrel Tuesday on the New York Mercantile Exchange. Falling crude prices eventually will be reflected at gas stations, said Mark Mahoney, associate editor of Oil Price Information Service.
``Crude definitely rules the rest of the market, if it goes down the rest goes down with it,'' Mahoney said.
Iraq's oil has been off the world market for six years since its soldiers invaded Kuwait in August 1990, triggering the Persian Gulf War. On Monday, U.N. Secretary-General Boutros Boutros-Ghali authorized Iraq to sell $2 billion worth of oil to buy food and medicine for its people. Before the invasion of Kuwait, Iraq exported more than 3 million barrels daily.
Gasoline prices have been high and unchanged in recent months.
A recent Lundberg Survey of 10,000 stations nationwide found the average price at self-serve pumps, which account for most gasoline sales, was just below $1.25 a gallon for regular; nearly $1.35 for mid-grade and about $1.43 for premium.
Those prices are about 19 cents above last year, said Gil Teel, a Houston spokesman for the American Automobile Association.
- Associated Press
Engineering firms to merge
Sowers-Mann Inc., a Roanoke engineering and architecture firm, has merged with Ashland-based McKinney and Co. The new company will offer architectural, structural, civil, mechanical and electrical engineering. The merged company will operate as McKinney and Co., although the Roanoke office will operate as McKinney, Sowers-Mann. John Mann will serve as director and manager of the Roanoke office.
- Staff report
Report looks at state colleges
A new report is available on the economic development work of state colleges and universities which have named directors for projects intended to stimulate the commonwealth's economy. The report was a collaborative effort of presidents of Virginia's public colleges, community colleges and universities and 25 independent colleges.
Also, Virginia Tech president Paul Torgersen said in a release Tuesday that citizens and businesses can use the World Wide Web to find economic development resources at 10 public universities and 23 community colleges. (The site is at www.brainpower.org).
- Staff report
Cancer Society wins state award
The American Cancer Society's Roanoke Valley/Franklin Unit has received a state award for excellence in fund raising for the Discovery Shop, its volunteer-staffed resale store. The shop, at Townside Festival shopping center in Roanoke, also set a national record for first-year sales, with more than $220,000 in gross revenue. The Roanoke shop, which opened last October, is one of 110 Discovery Shops nationwide.
- Staff report
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