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Oil Decontrol #38965

ABC Evening News for Monday, Aug 25, 1975
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(Studio) Controls on oil prices expire Sunday President Ford to block Congress efforts to extend it. Mobil Oil chairperson, Rawleigh Warner, Junior says decontrol should occur slowly.
REPORTER: Harry Reasoner

(Denver City, Texas) "Old" oil sold at controlled price of $5.25 barrel. "New" oil sold for $11.60 barrelationship "New" oil is from wells drilled after 1972. Admin. says if prices decontrolled, oil companies will have more money for developing oil resources. [President Texas Pacific Oil Company Howard HINSON - says should make 6 cent gallon profit, but make 1 3/4-2 cent gallon profit. Decontrol still wouldn't provide enough money.] Oil prices will rise.
REPORTER: Roger Peterson

(Studio) Reports on decontrol to come.
REPORTER: Harry Reasoner

Reporter(s):
Peterson, Roger;
Reasoner, Harry
Duration:
00:02:40

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