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Economy News / Gasoline Shortages #240701

CBS Evening News for Thursday, Jun 26, 1975
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(Studio) Govt. figures support President's belief that economy recession over. Index of leading economy indicators rises 2.1% in May.
REPORTER: Walter Cronkite

(DC) In past 30 years, 3 mos. of index increases have never failed to signal end of recession. Prices for raw materials increase; layoff rate remains same.
REPORTER: George Herman

(Studio) Govt. reports $105 billion trade surplus in May due mainly to drop in oil imports. Gasoline stks. down to 198 million gals. last week; figure barely above level when spot shortages occur.
REPORTER: Walter Cronkite

(Linden, New Jersey) Most oil companies sharply increase mfgr. of gasoline in past 2 wks.; if move conts., there's much less chance of widespread gasoline shortages this summer. As recently as week ago, outlook much less hopeful; details given. [President North American division Mobil Oil Company Richard TUCKER - says government regulations exercise complete control on industry] Critics charge ind. wants regulations removed to increase prices and profits. Oil company execs. worried that summer shortages might create more pressure for tougher regulations. Oil industry says it needs higher prices; industry says econs. at bottom of controversy.
REPORTER: Robert Schakne

Reporter(s):
Cronkite, Walter;
Herman, George;
Schakne, Robert
Duration:
00:04:10

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