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Oil Surpluses World-Wide #36540

ABC Evening News for Wednesday, Mar 05, 1975
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(Studio) Temporary oil surpluses found all around world.
REPORTER: Howard K. Smith

(Aberdeen, Scotland) Cntrys. buying slightly less energy and thus contributing to substantial surplus of oil. Decline in consumption caused by mild weather and harsh economy recession. Demand for oil expected to continue dropping all over Europe; no European cntrys. have been forced to resort to really severe restrictions; however, high prices seem to be doing good job of rationing. Britain and all of Europe expected to benefit from North Sea oil this year
REPORTER: George Watson

(S.E. Asia) S.E. Asia oil hungry, but has cut back on use of expensive OPEC (Organization of Petroleum Exporting Countries) oil by high gasoline prices and voluntary conservation programs. Japan's oil imports down 4%; Philippines cutback hits 8%; South Korea, Thailand also limit oil imports.
REPORTER: Jim Bennett

(NYC) US, biggest oil consumer in world, also reduces oil demand. Fuel oil use by inds. and utilities down 7% from year ago; home heating oil consumption off about 12%. Demand for gasoline down 1%.
REPORTER: Dan Cordtz

Reporter(s):
Bennett, Jim;
Cordtz, Dan;
Smith, Howard K.;
Watson, George
Duration:
00:04:00

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