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Oil Prices / Gasoline #241168

CBS Evening News for Thursday, Jul 24, 1975
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(S)Congress and administration try to compromise with regard to oil prices. President Ford offers to extend time for phase-out of "old" oil to 4 years Democrat demand windfall profits tax and rebate to consumers. Gasoline prices will climb.
REPORTER: Walter Cronkite

(New York) Gasoline prices up 48% since oil embargo. Chart shows who gets extra profits. Producers of crude oil make most profits. Exxon profits up 139% from 1970 to 1974; $1.3 billion to $3.1 billion. Texaco profits up 93%; $822 million to $1.5 billion. Mobil up 117%; $483 million to $1 billion. Profits dropped 30-40% so far this year Profits still 50% above pre-boycott day profits. Oil companies say profits not large enough for investment.
REPORTER: Robert Schakne

Reporter(s):
Cronkite, Walter;
Schakne, Robert
Duration:
00:02:30

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