ABC Evening News for Friday, Aug 15, 1975
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(Studio) President's call for taxes on windfall profits has congress support. Higher profits and taxes force oil companies to spend more funds looking for more oil.
REPORTER: Howard K. Smith
(Gulf of Mexico) Exploration is high risk business and needs stimulation. 14 holes drilled at cost of $1 million a hole have turned up nothing. Av. is that 1 of 10 holes has any oil or gas and 1 of 50 has enough to make development worthwhile. [Gulf Oil Company Lincoln WARREN - says oil is where you find it.]
REPORTER: Roger Peterson
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