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International Oil Production And Energy Crisis / Special Report #233569

CBS Evening News for Tuesday, Mar 26, 1974
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(Studio) Senate subcommittee on multintl. corps opens hearings tomorrow, dealing with world-wide oil industry operations. Special report follows.
REPORTER: Walter Cronkite

(No location given) In 1928, heads of world's 3 largest oil companies, Exxon, British Petroleum and Shell worked out agreement forming world-wide cartel. Today, 7 big oil companies control 70% of world's oil supplies. Critics insist oil companies manipulated supplies and prices to freeze out independent competitors. CBS has copy of 1968 memo from Standard Oil Company of California; details of memo outlined. [Standard Oil Company of California J.D. BONNEY - says memo was in planning stage only.] Senator sources report otherwise. Other oil company documents aimed at holding down world-wide oil production are allegedly in Senate subcommittee 's possession. [Senator Frank CHURCH - says consumer suffers from oil industry monopoly.] Senator investigators have evidence that big 7 work through interlocking agreements to hold supplies down and price up; secret 1954 agreement among 7 majors outlined. According to Senator investigators' figures from oil companies, Iran and Iraq could produce 5 billion more barrels of oil per day; reasons reviewed. [Senator CHURCH - says if competition free, oil production would have been promoted rather than quashed.] Oil companies take issue. [Exxon Corporation George PIERCY - thinks competition has been available all along.] Series of events kept oil companies from having spare capacity of oil during Arab oil embargo. Events include closing of Suez Canal, delay in approval of AK pipeline, and Arab pressure on big oil. [J.D. BONNEY - admits reserve oil not available for emergency situation such as Arab oil embargo.] US government role questioned; critics charge government gave oil companies too free a hand. [CHURCH - says government left matter to oil companies to determine oil policy.]
REPORTER: Walter Cronkite (narrates)

(Studio) New searches for oil announced in Israel and Egypt.
REPORTER: Walter Cronkite

Cronkite, Walter

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