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Oil Prices / Gasoline Prices #241007

CBS Evening News for Wednesday, Jul 16, 1975
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(Studio) President Ford sends plan to Congress to lift price controls off "old" oil. Senator votes for price ceiling on "new" oil,
REPORTER: Walter Cronkite

(Conroe, Texas) Wildcatters or independent oil producers say they need more capital. [Producer Bruce ANDERSON - says will drill more wells than ever this year] Producers make 15% profit. [ANDERSON - says will make more profits with President' plan but need more money for more wells.] Anderson and others willing to accept windfall profits tax and credits for investment in new explorations. If controls not removed, United States oil production will decrease
REPORTER: David Dick

(Studio) Energy chief Frank Zarb reports gasoline prices to rise 2-5 cents by Labor Day.
REPORTER: Walter Cronkite

Reporter(s):
Cronkite, Walter;
Dick, David
Duration:
00:02:10

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