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Oil Industry / OPEC / Texas Oil Dvt. #41218

ABC Evening News for Monday, Dec 13, 1976
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(Studio) OPEC (Organization of Petroleum Exporting Countries) to open meeting Wednesday in Qatar, on Persian Gulf. Plans are to raise oil prices, but not known how much. Although need for domestic oil greater now, less being pumped in Texas.
REPORTER: Barbara Walters

(No location given) Fields near Baytown and Dilley, Texas, noted. Texas RR commission, which sets production rates on old and new oil fields in Texas, has cut production rate 1% this year to try to pressure government to develop energy policy to stimulate development Ind. spokesperson say restrictions on higher profits hold down research and development; say they would even take policy requiring profits to go back into research. [Shell Oil (USA) president John BOOKOUT - says reinvestment of funds provision in legislature would be accepted, as it's intended anyway.] Some feel with new President and Congress, some restrictions will be lifted, but if not, Texas may cut back production. [Texas railroad commission spokesperson Jim LANGDON - says no state in union is going to capacity of own energy sources and some entirely dependent on outside help.] Conflict between oil industry and consumer advocates noted.
REPORTER: Roger Peterson

Reporter(s):
Peterson, Roger;
Walters, Barbara
Duration:
00:02:50

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