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Energy Crisis, Part 2 #225432

CBS Evening News for Thursday, Jan 25, 1973
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(Studio) In 2nd report on energy crisis, CBS traces reasons for fuel shortage. In DC, has never been steady policy of encouraging development of fuels. Today some government programs actually accentuate fuel crisis. United States keeps foreign oil out of country Interior Department's Bureau of Land Management accused in past of being slow in opening up government land for exploration. Treasury Department's tax policy makes it more attractive to search for oil overseas. Trans. Department's Federal Highway Admin. builds roads that encourage use of cars. At least 73 different agencies have hand in energy. Environmental Protection Agency limits use coal. To meet pollution regulations utilities and large mfrs. use oil and gas rather than coal. Environmental objections delay off-shore drilling for oil as well as construction of refineries and nuclear power plants. Oil industry blames government price regulations for shortage natural gas. Regulation of price makes oil exploration not profitable enough.
REPORTER: Walter Cronkite

(New Orleans, Louisiana) Demand for natural gas exceeds supply by 3% ntnwide. [Mobil Oil chairperson of American Petrol. Institute Rawleigh WARNER Junior - says potential for exploration won't materialize until economy incentive exists.] Presently, companies get about 15% profit. [American Public Gas Association spokesperson Charles WHEATLEY Junior - says oil companies want excessive profits.] Oil industry feels Nixon will raise oil prices. [WARNER - says industry believes gas prices will rise.]
REPORTER: Robert Schakne

(Studio) Oil 1 of most politically sensitive issues in DC.
REPORTER: Walter Cronkite

Reporter(s):
Cronkite, Walter;
Schakne, Robert
Duration:
00:07:10

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