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Oil / Controls / Incentive Report / OPEC Meeting #242098

CBS Evening News for Thursday, Sep 25, 1975
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(Studio) President Ford and Congress agree to reimpose oil price controls until November 15. To consult on long-range plans.
REPORTER: Walter Cronkite

(DC) [Senator Edmund MUSKIE - says there's spirit of accommodation on both sides.] [Senator Henry JACKSON - says Democrats have obtained what they sought. President caved in to Democrats due to New Hampshire.]
REPORTER: Marya McLaughlin

(Studio) Congress study shows that oil companies use higher income to outbid each other for labor and equipment. Production costs incrd. and drilling declined. OPEC (Organization of Petroleum Exporting Countries) meets.
REPORTER: Walter Cronkite

(Vienna, Austria) Specific amount of increases debated. Iran leads those who want big increases Iran wants 5% now and 10% later. Saudi Arabia wants 5% in January Saudi oil minister, Sheik Yamani, flies to London to talk to his cntry. by telephone.
REPORTER: Bill McLaughlin

(London, England) [YAMANI - not prepared to go above 5%. Will find out if there is irreconcilable difference between Saudi Arabia and rest of OPEC. Won't leave OPEC.]
REPORTER: Bill McLaughlin

(Studio) Reporter Nelson Benton says 10% increase to cost United States $2.5 billion next year To cost 1 cent/gal. more for gasoline and 2 1/2 cents/gal. increase on home heating oil.
REPORTER: Walter Cronkite

Cronkite, Walter;
McLaughlin, Bill;
McLaughlin, Marya

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