CBS Evening News for Monday, May 26, 1975
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(Studio) On eve of departure for Europe, President makes televised address tomorrow night with regard to problems of energy. CBS to carry telecast live beginning at 8:30 EDT. United States energy problem has generated much talk but little action in last several years In 1975, there's surplus of oil in world market OPEC (Organization of Petroleum Exporting Countries) nations cut back on production to keep prices from falling; United States refineries work at 84% capacity. In 1908, United States geological survey warned United States running out of oil; in 1920, same agency said oil production had peaked. Just released United States geological survey predicts end to oil supply after turn of century. Worldwide, there's enough oil, coal, natural gas to last several hundred years at present rate of use. Coal is American's most plentiful fossil fuel. United States geological survey reveals oil and nat. gas to be discovered can last American well into 21st century. [National economy research associates Harry PERRY - says there's wide range of opinion because no one really knows how many resources will be found. If lower estimates correct, United States could be in trouble by year 2000; best estimate buys American another 20-30 years Figures are for United States to use American energy resources only; world has several hundred years more of available energy. United States energy won't be cheap in future. However, price increases increase energy reserves. [Oil economist Richard GONZALES - says operators can now go back and make money from formerly unprofitable energy reserves.] Exxon, Texaco, Standard Oil of California announce cutbacks in exploration. Critics and ind. agree there would be more nat. gas if government let price go free. Mr. Ford to consider lifting price controls on domestic oil and adding another $1 tariff on imported oil; either or both decisions to mean higher prices. Politically, President can use Congress as scapegoat.
REPORTER: Walter Cronkite
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