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Economy: Oil Industry #318487

CBS Evening News for Saturday, Oct 15, 1988
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(Studio: Bob Schieffer) Planned OPEC (Organization of Petroleum Exporting Countries) conference in Madrid, Spain, noted. Report introduced.

(DC: Terence Smith) Arab oil embargo of 1973 recalled; scenes shown; details given of current energy situation in US. [Sierra Club spokesperson Brooks YEAGER - says embargo caused United States to increase its energy efficiency.] [Oil analyst Dan YERGIN - says embargo was learning experience.] Response of American industry to oil embargo detailed. [Energy Secretary John HERRINGTON - says US is prepared for oil supply interruption.] Impact of cheap foreign oil on US oil industry noted. [YEAGER - says United States has returned to era of "muscle car."] Rel. of Reagan administration to energy problem noted. [President REAGAN - talks about alternative energy sources.] [YEAGER - says administration has cut energy research and development] Possibility of another energy crunch mentioned.

Reporter(s):
Schieffer, Bob;
Smith, Terence
Duration:
00:02:20

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