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Senate Hearing / Energy Crisis / Sens., Oil Co. Heads / President #230907

CBS Evening News for Monday, Jan 21, 1974
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(Studio) Skeptical Senators and heads of major oil companies battle at opening of Senator oil hearings.
REPORTER: Walter Cronkite

(DC) Oil company heads insist shortage isn't contrived. [Senator Henry JACKSON - repeats American people's fears and skepticism with regard to fuel shortages.] [Senator Charles PERCY - insists American public doesn't know whom or what to believe.] [Senator Abraham RIBICOFF - thinks oil companies responsible for scaring Americans needlessly with regard to fuel shortage; buying habits changed because of fear.] Ribicoff critical of foreign tax credits and depletion allowances for oil operations overseas. [RIBICOFF - thinks tax breaks to oil companies should be stopped.] [Gulf Oil president Z.D. BONNER - insists industry and government must stop bickering, learn to cooperate and attempt to solve energy crisis.] At White House, President meets with officials of Federal Energy Office and IRS (Internal Revenue Service) to discuss oil companies and energy crisis.
REPORTER: Nelson Benton

(Studio) President promises several thousand agents to IRS (Internal Revenue Service) if needed to stop price gouging.
REPORTER: Walter Cronkite

Benton, Nelson;
Cronkite, Walter

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