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Algeria / Oil Prices / Gasoline Supplies #36159

ABC Evening News for Monday, Mar 10, 1975
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(Studio) Algeria lowering price of crude oil by 21 cents per barrel. Inventories of gasoline in United States at near record levels; some retailers say oil companies threaten them directly and indirectly to sell off surplus.
REPORTER: Harry Reasoner

(NYC) In E., number of oil companies ask dealers to lower gasoline prices and sell off surplus. [New Jersey gasoline retailers' association Jerry FERRARA - says 5 of 8 major oil companies supplying New Jersey put dealers under tremendous pressure to sell surplus gas.] Under present regulations, Federal Energy Administration can do no more than strongly reprimand oil companies
REPORTER: Lem Tucker

(Los Angeles, California) 5 oil tankers currently unloading at dock; another indication of big surplus. Many small gasoline stations forced to close; unable to compete in mini gas war. [Gas station co-owner Joe FORCIER - says he's losing 2 cents of own money on each gallon of gasoline sold; can't compete with station across street.]
REPORTER: Dick Shoemaker

(Chicago, Illinois) Independently owned station sells its gas for less than any other station around. [ARCO dealer Milt MARKS - says independents able to buy gas surpluses from big oil companies at lower prices.] To stay competitive, dealers must drop to barely profitable prices. [Standard dealer Irv GROSS - says as long as there's surplus gas there could be just such competition continually.]
REPORTER: Greg Dobbs

(NYC) Oil companies preach conservation in ads while mkting. men press dealers for higher gasoline sales. Unless prices come down much more, most experts don't look for much effect on total sales.
REPORTER: Dan Cordtz

(Studio) Some oil companies deny they're pressuring dealers to sell more gas. American Petroleum Institute spokesperson says competitiveness returning to inds
REPORTER: Harry Reasoner

Reporter(s):
Cordtz, Dan;
Dobbs, Greg;
Reasoner, Harry;
Shoemaker, Dick;
Tucker, Lem
Duration:
00:05:10

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