Vanderbilt Television News Archive

(Studio) Senate Commerce Committee begins hearings with regard to 2 private oil companies drilling in federal reserves in AK.
REPORTER: Harry Reasoner

(DC) Dep. Defense Secretary William Clements owns large amts. of stock in 1 private co. under probe - Sedco. Clements absent from hearings; Representative John Moss calls for Clements' resignation. Committee hears from Bureau of Land Management's George Turcott. Turcott questioned about legality of private companies tapping government reserves. Petroleum reserve #4 in Alaska may have been tapped by private companies Original boundaries of federal reserve outlined. Bureau of Land Management interprets boundaries differently; private companies drilling between conflicting boundary lines. [TURCOTT - believes laws with regard to federal reserves and private drilling companies hasn't been abused.] [Senator Adlai STEVENSON III - thinks all "honest differences" finally settled in favor of big oil companies Public and government never come out ahead.] Representative Moss believes federal reserves tapped because government offices won't stand up to big oil companies
REPORTER: Bill Zimmerman

(Studio) Private companies may have tapped Elk Hills reserve in California.
REPORTER: Harry Reasoner

(Elk Hills, California) Fed oil reserve shown; private oil company, Standard, is drilling within 300 foot Standard claims oil comes from new pool, but Navy believes otherwise. Navy forced to drill to prove Standard's new oil belongs to Navy. [Standard Oil Vice President A.B. BRISTOW - insists drilling legal.]
REPORTER: Dick Shoemaker