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Gulf Coast Oil Drilling / Bust #239662

CBS Evening News for Wednesday, Apr 23, 1975
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(Studio) During President's visit to LA, Mr. Ford visits offshore oil rig in Gulf of Mexico; reason for visit discussed.
REPORTER: Walter Cronkite

(Off Florida Gulf coast) In 1973, representatives of oil industry paid government nearly $1 1/2 billion for right to drill oil wells along Gulf coast of Mississippi, Alabama, Florida. After year of oil drilling, predicted bonanza appears to be bust. [Exxon Vice President John LOFTIS - says if reevaluation of drilling sites looks unprofitable, Exxon to surrender oil leases as quickly as possible.] Federal government schedules oil lease sale of drilling areas in 1976 off Gulf coast.

Cronkite, Walter;
Rabel, Ed

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