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Economy / Oil Prices / Gasoline Prices #241028

CBS Evening News for Thursday, Jul 17, 1975
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(Studio) Upturn in econ, indicated. House passes bill to extend price control on most domestic oil and rollback other oil prices. Senator Interior Committee rejects Ford's plan to phase out controls on "old" oil. Democrats charge plan would unfairly raise gasoline prices. Execs. of 7 oil companies deny gasoline price hike came after phony shortage.
REPORTER: Walter Cronkite

(DC) Charts show rise in prices and drop in gasoline stks. [Standard Oil of IN George MYERS - says no gasoline shortage. Can supply customers during coming year] [Exxon L.G. RAWL - says don't cut back on refinery runs to up price.] [Mobil Allen MURRAY - never connived with other companies] Senators Henry Jackson and Adlai Stevenson say never charged companies with conspiracy. Senator Lowell Weicker says Senators did. [WEICKER - asks Jackson for proof.] [JACKSON - cites charts as proof.] Execs. blame cutbacks on under-est. of demand, routine maintenance, government regulation, price rises on incrd. costs and import tariff.
REPORTER: Neil Strawser

Reporter(s):
Cronkite, Walter;
Strawser, Neil
Duration:
00:02:30

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