CBS Evening News for Wednesday, Mar 27, 1974
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(Studio) Senate subcommittee opens hearings on international operations of American oil companies
REPORTER: Walter Cronkite
(DC) ARAMCO accused of limiting oil production to hold down supplies and drive up prices. GAO's Shirley Ward reports ARAMCO's profits increase 300% over past 4 years [Senator Frank CHURCH - thinks ARAMCO profited from energy crisis.] [Senator Edmund MUSKIE - asks about company's attempt to keep oil prices down for consumer.] [ARAMCO Vice President J.J. JOHNSTON - states oil company profits tied to posted price for oil.] [Senator Clifford P. CASE - asks if co.'s negotiating power drops because of energy crisis.] [JOHNSTON - thinks political circumstances negate ARAMCO's negotiating power.]
REPORTER: Bernard Shaw
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