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Oil Cos. / Income Tax / Prices #232511

CBS Evening News for Monday, Dec 02, 1974
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(Studio) Senator Henry Jackson charges 7 oil companies pay income tax at lower % than av. citizen. Oil companies say Jackson's charges wrong and unfair. Brookings Institution report states oil companies are resisting development of offshore oil and gas reserves to help drive up prices.
REPORTER: Walter Cronkite

(New Orleans, Louisiana) Half of oil wells and natural gas in Gulf of Mexico capped. [Rutgers Univ. economist Paul DAVIDSON - believes price controls cause some gas and oil wells to be withheld.] [Federal Power Commission David SCHWARTZ - thinks industry hoping for deregulated prices to increase price on market] Details of report outlined. Execs. of big oil companies, explain reasons for capping wells. [President California division Chevron Oil Company, L.C. SOILEAU III - states wells aren't capped to make big profits on price increases]
REPORTER: Robert Schakne

Reporter(s):
Cronkite, Walter;
Schakne, Robert
Duration:
00:03:20

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