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Oil Industry / Depletion Allowance #447656

NBC Evening News for Thursday, Sep 04, 1969
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(Studio) 2nd report on oil industry and depletion allowance.
REPORTER: David Brinkley

(New England) Fuel oil costs more here because no oil wells, pipelines, or refineries. Need more oil because of winters. Proposed refinery in Machiasport, Maine delayed because of company demand for unlimited duty-free imported oil. Bayport, New Jersey shown. Quotas limit foreign oil imports and keep oil prices high, [Continental Oil spokesperson Andrew TARKINGTON - says if foreign oil comes in without limits, no incentives for finding new oil would be left.] Oil industry fears Machiasport schemes could floodcountry with cheap oil, undercut oil prices, and force unwelcome competition. Ind. hopes President Nixon will kill idea. [Senator Thomas McINTYRE - says oil been given big protection blanket.] Losing quotas would be blow for industry
REPORTER: Fred Briggs

Briggs, Fred;
Brinkley, David

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