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Energy #263336

CBS Evening News for Monday, Apr 23, 1979
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(Studio) Oil company profits for 1st quarter considered supportive of President Carter's windfall profits tax program Carter's appearance before National Academy of Sciences noted.
REPORTER: Walter Cronkite

(DC) White House belief with regard to congress approval of windfall profits tax with provision benefiting oil companies stated; Carter's opposition to such provision outlined. [CARTER - comments with regard to new congress strategy.] Congress response to Carter speech detailed. Press Secretary Jody Powell quoted re: Exxon's 1st qtr profits.
REPORTER: Lesley Stahl

(Studio) Financial interpretation of 1st quarter profit for Exxon noted; Standard Oil of IN and Occidental profits cited.
REPORTER: Walter Cronkite

(DC) Incrd. oil company revenues for 1st quarter reported; pts. of Carter's price control program listed on screen. Oil company response with regard to 1st quarter profits given; OPEC (Organization of Petroleum Exporting Countries) mentioned. Oil industry opposition to windfall profits tax outlined on screen. [Senator Edward KENNEDY - notes power of major oil companies] [Oil industry analyst John LICHTBLAU - comments with regard to windfall profits tax idea.] 1978 oil industry revenues stated, compared with GNP. Diversity of oil company holdings examined, include Mobil Oil's ownership of Montgomery Ward, Sunoco's control of Saint Johnsburg trucking, Atlantic Richfield's ownership of London newspaper, "The Observer", copper mines bought by Atlantic Richfield, Exxon, Cities Service. Kennedy's proposal, prohibiting power/energy-related companies being purchased by oil companies outlined. [KENNEDY - comments.] [LICHTBLAU - comments.]

Brady, Ray;
Cronkite, Walter;
Stahl, Lesley

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