ABC Evening News for Monday, Jan 21, 1974
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(Studio) Senate subcommittee opens hearings on oil industry and energy shortage. Oil industry heads appear before skeptical Senators
REPORTER: Howard K. Smith
(DC) Senator Henry Jackson warns oil company heads of intense questioning to find truth. [Senator Abraham RIBICOFF - accuses oil companies of fabricating extent of shortage and cheating American taxpayer.] Accusations denied. [Gulf Oil president Z.D. BONNER - explains use of profits to Senators] [Senator James ALLEN - asks if companies could cut back gasoline prices with high profit level.] [BONNER - doesn't think its possible if exploration for energy conts.] At White House, President meets with energy and IRS (Internal Revenue Service) officials. President presses for truth from oil companies also with regard to fuel shortage.
REPORTER: Bill Zimmerman