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Gasoline / Oil Decontrol #241720

CBS Evening News for Tuesday, Aug 05, 1975
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(Studio) Gasoline prices incrd. 3 cents gallon in July. Sharper increase expected if oil controls expire August 31. Admin. to veto Congress extension of controls; says de-control needed to stimulate new production.
REPORTER: Roger Mudd

(No location given) Decontrols shouldn't help oil companies incentive to find new oil or pump out extra oil. Companies charge $11.20 per barrel for new oil and $5.25 barrel for old oil. Decontrol of old oil prices would mean more oil company profits. Ind. says higher profits needed to attract investments to search for new supplies. United States produces 12% less oil than 3 years ago, though more oil rigs working. $16 billion invested in 1974 in new oil dvts. Decontrol should cause foreign profits to continue decrease, but domestic profits to rise.
REPORTER: Robert Schakne

(NYC) Decontrol to raise oil company profits.
REPORTER: Robert Schakne

Reporter(s):
Mudd, Roger;
Schakne, Robert
Duration:
00:02:40

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