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Oklahoma Bank / Energy #285191

CBS Evening News for Tuesday, Jul 06, 1982
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(Studio) Operation of Oklahoma City/Penn Square Bank by Federal Deposit Ins. Corporation after bank's failure reported Scenes shown. Reopened bank said called Federal Deposit Ins. Bank. Folding of Penn Square blamed on energy-related loans. End of energy crisis said beginning of new perils.
REPORTER: Dan Rather (KWTV- tape)

(Dallas, Texas) [REAGAN - in March 1980, calls for government to get out of energy industry] Govt. said now out of energy industry Drop in gasoline prices noted. OPEC (Organization of Petroleum Exporting Countries) imports said down. Incrd. number of domestic oil wells cited. [Heritage Fndn. Fred SINGER - credits deregulation of oil with end of energy crisis.] Econs. and analysts said considering energy crisis not over. [Oil analyst William RANDOL - warns against incrd. vulnerability.] Drilling boom of 1981 said to have turned into bust of 1982. Various indications of trouble in oil industry cited. Exxon's cancellation of efforts to find oil in Colorado shale cited. Occidental, Tenneco, Shell and Chevron said pulling away from product projects. [RANDOL - believes oil from those projects will ultimately be needed.] Role of Saudi Arabia in US energy situation cited. Scenes shown. [Ind. oil man Frank PITTS - explains strategy of Saudi Arabia.] Reduction of oil glut by public consumption and limited product cited. Present gasoline price increase noted. US said now getting higher percent of its oil from war-torn Mideast than in 1973.
REPORTER: Steve Kroft

Reporter(s):
Kroft, Steve;
Rather, Dan
Duration:
00:04:10

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