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Energy Crisis / How and Why #468470

NBC Evening News for Monday, Dec 03, 1973
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(Studio) United States supply and demand for petroleum outlined. Breakdown of fuels made from petroleum reviewed. Arab oil boycott cuts United States oil supplies 17%.
REPORTER: John Chancellor

(Los Angeles, California) National Petroleum Council says United States reduces crude oil inventory 1 million barrels per day. Arab oil boycott not totally responsible for energy crisis. Oil industry responsible; reasons outlined. [MIT oil expert Prof. Morris ADELMAN - believes shortage contrived by various people for own profit and political reasons. United States shortage not contrived, however.] Adelman believes United States government made mistake by not removing petroleum import restrictions soon enough. Quota system explained. [ADELMAN - believes United States to pay for government mistake over next few years] Consumer demand surpassed refining capacity once import restrictions on oil lifted. Refinery construction big problem. Oil companies request offshore drilling resumption; conservationists upset. [Union Oil President Fred HARTLEY - believes American lifestyle to judge need for further offshore drilling.] Refineries not geared for much heating oil production; gasoline most profitable. [ARCO executive Vice President E.M. BENSON Junior - states profit margin greater on gasoline. Oil industry to be hurt financially if gasoline production slowed.] [ADELMAN - insists `73 oil profits up over last year]
REPORTER: Tom Pettit

(Studio) Report is 1st in series on energy crisis.
REPORTER: John Chancellor

Reporter(s):
Chancellor, John;
Pettit, Tom
Duration:
00:06:50

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