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Oil Industry / Federal Energy Administration Plan / OPEC Ntg. #243818

CBS Evening News for Wednesday, Dec 15, 1976
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(Studio) Federal Energy Administration sends detailed plan to Congress today with regard to pumping 1/2 billion barrels of oil into ground in reserve for use during shortages.
REPORTER: Walter Cronkite

(DC) Plan calls for storage of oil mostly in Texas and Louisiana but also 2 sites farther north. Details of plan noted. Most of oil to be bought from OPEC.
REPORTER: Nelson Benton

(Studio) OPEC (Organization of Petroleum Exporting Countries) members begin meeting in Persian Gulf state of Qatar today. Division with regard to oil price increase sharp and debate expected to be heated.
REPORTER: Walter Cronkite

(Qatar) Mtg. opened by emir of Qatar, Sheik Khalifa bin Hamad Al-Thani. 1 major thought at 1st session with regard to statement by Saudi Arabia oil minister Ahmed Zaki Yamani that Saudis opposed hike now because of harm to West econ. Reaction to announcement noted. Saudis want Mid. East peace conf. next year and need United States support from Carter administration for it; United States needs Saudi support at OPEC (Organization of Petroleum Exporting Countries) meeting to keep oil prices down.
REPORTER: Bill McLaughlin

Reporter(s):
Benton, Nelson;
Cronkite, Walter;
McLaughlin, Bill
Duration:
00:03:10

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