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Oil / Price Controls / Ford / Congress #38311

ABC Evening News for Monday, Jul 21, 1975
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(Studio) President Ford vetoes bill to extend price controls on some United States oil, but forced roll back on other oil.
REPORTER: Howard K. Smith

(DC) Ford vetoes bill because it would increase consumption, cut domestic production and increase reliance on imported oil. Says he'll vote 6-mo. extension if Congress doesn't accept his plan for phased decontrol of oil prices. All price controls expire August 31. [Chairperson Council of Econ. Advisers, Alan GREENSPAN - says immediate decontrol can be accommodated without severe economy sacrifices.] If controls end abruptly, gasoline prices to go up 7 cents/gal. over 6-mo. period. Energy chief Frank Zarb says Ford wouldn't approve any control extension unless it incld. certainty of his getting some approval for own package
REPORTER: Steve Bell

(Studio) Report on Congress with regard to oil compromise.
REPORTER: Howard K. Smith

(DC) No consensus among congress members House major would probably accept shorter extension of oil price controls. Compromise tougher in Sen Agreement to prolong status quo may be accepted.
REPORTER: Don Farmer

Reporter(s):
Bell, Steve;
Farmer, Don;
Smith, Howard K.
Duration:
00:02:50

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