Search the Archive

Energy Crisis / How We Got There #226458

CBS Evening News for Thursday, Nov 29, 1973
View other clips in this broadcast →

Material supplied by VTNA may be used for educational analysis or research only. Any editing, reproduction, publication, rebroadcast, public showing or public display may be prohibited by copyright laws.

(Studio) [Film reports] Current crisis in heating fuel and gasoline goes far beyond Arab oil boycott. Govt. policy and giant oil companies may be responsible. 8 major companies control energy supply from oil field to gas pump. Vertical integration explained more fully. Govt. agencies probe matter to determine if major oil companies mainly responsible. [FTC James HALVERSON - believes 8 major oil companies' control contributes to present shortage.] FTC (Federal Trade Commission) charges against 8 majors outlined. Oil companies don't have enough refineries in United States even if Arab oil boycott lifted. Oil companies blame government for not enough refineries, citing environmental restraints and uncertainties created by import quotas on crude oil. Govt.'s reasons for not lifting government import quotas sketched in Senate report Details of report explained. Last winter, threat of oil shortage in New England warned. Office of Emergency Preparedness reports government received assurances from oil companies in April `72 that oil in plentiful supply for last winter. By July, different version surfaced from oil companies Office of Emergency Preparedness Elmer Bennett believed oil companies made threat to pressure price controls' removal by government Govt. requested oil companies operate refineries at 92% to prevent shortage in `72; by November, oil companies' production dropped to 88%. Cost of Living Council reported in November `72 that oil companies could make profit on home heating oil production despite oil companies' objections. Production incrd. in February `73 after oil companies recd.price hike; heating oil shortage averted. [Exxon board chairperson J.K. JAMIESON - believes oil companies have narrow responsibility to consumer to supply fuel and heating oil in time of shortage. Ind. would go broke if companies continued on such a track.] [Petroleum Ind. Research Foundation Incorporated John LIGHTBLAU - believes industry must think of profit; government must decide on policies in public interest.] Dismantling large oil firms gains more proponents in Congress Senator Frank Moss favors legislature to dismantle major oil companies Reasons outlined. White House doesn't plan gasoline rationing now, but cabinet-level energy group considers rationing system. System explained. Senate Majority Leader Mike Mansfield calls for immediate gasoline rationing. House committee passes law to set national speed limit at 55 m.p.h. Federal Power Commission requests utilities report on feasibility of 10% power cut.
REPORTER: Walter Cronkite (narrates)

Cronkite, Walter

Note to sponsor members: The Vanderbilt Television News Archive video player requires a modern operating system and browser to work properly. If you are experiencing playback problems, check the minimum requirements and adjust your setup accordingly. After adjustments, if you continue to experience problems, please contact us.

Welcome! Above is the abstract of the item that you're interested in viewing from the Vanderbilt Television News Archive's collection. You have three options if you'd like to view this item:

  • You may request a loan of this video by registering on our website and placing an order.
  • You may visit the Television News Archive on the Vanderbilt campus to view on-site from the Archive's collection.
  • If you are associated with a college or university, you may ask your library if they would like to become a sponsor, which would give students and faculty at your institution the ability to view items from our collection.

If you believe that you are associated with a sponsoring college or university and have received this message in error, please let us know.