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Energy Crisis and Outlook #256561

CBS Evening News for Thursday, Feb 23, 1978
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(Studio) Present energy crisis caused by coal strike compared to 1974 oil embargo. Public perception of energy shortage at that time and questions about this at present noted.
REPORTER: Walter Cronkite

(NYC) Film of President Carter's energy address on April 18, 1977 shown. [CARTER - describes energy shortage and effects it will have.] CBS News"New York Times" Poll results on public perception of reality of energy crunch in 1980's cited. Congress changes in President's energy bill and changes in beliefs with regard to energy crisis by others noted. One of those whose mind has changed is banker/econ. Arnold Safer, who works for Irving Trust of Manhattan and wrote warning on oil consumption in 1970. [SAFER - cites reasons for opinion change.] Opinions of other experts listed. Findings of new oil reserves in North Sea and Alaska and potential for reserves off Vietnam and New Jersey coasts noted. Concerns of other government leaders and experts with regard to potential troubles in oil supply. Concerns of President Carter and Energy Secretary Schlesinger re: Saudi Arabia and USSR oil product cited; CIA report Predicting drop in Soviet oil Prod. mentioned. [SCHLESINGER - describes speed with which new reserves need to be found and impossibility of doing so. Mentions AK's North Slope, North Sea and Kuwait.] [Petroleum Research Fndn., spokesperson John LICHTBLAU - says government hasn't told public that estimates with regard to oil shortage are most pessimistic views.] [SCHLESINGER - says no administration would take present political pain to deal with hypothetical problem of future unless it was serious.] Prospects for energy for next few years noted.

Brady, Ray;
Cronkite, Walter

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