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Windfall Profits / Oil Industry #226817

CBS Evening News for Friday, Dec 21, 1973
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(Studio) Report on oil industry's windfall profits follows.
REPORTER: Walter Cronkite

(NYC) Oil industry shows record profits for `73. Profits for Exxon, Mobil, Texaco, Gulf Oil, and Standard of California reviewed. [Senator Warren MAGNUSON - thinks oil companies' profits connected to energy crisis.] [AFL-CIO director of research Nat GOLDFINGER - states industry shouldn't profiteer from hardships of Americans] Oil companies embarrassed over profit; attempts to explain profit reviewed. [Atlantic Richfield board chairperson Robert ANDERSON - insists charges against oil companies can't be substantiated.] [Exxon chairperson of board James JAMIESON - insists profits used to explore other drilling sites and pay for costs incurred from oil well to gasoline pump.] [MAGNUSON - thinks excess profits tax on oil industry good.] Excess profits tax explained in detail.
REPORTER: Mitchell Krauss

(Studio) Energy czar William Simon requests delay in revealing oil and gasoline allocation to business and industry
REPORTER: Walter Cronkite

Cronkite, Walter;
Krauss, Mitchell

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