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Ford / Oil Price Controls / Veto / Foreign Oil #483888

NBC Evening News for Monday, Jul 21, 1975
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(Studio) President Ford vetoes bill rolling back price of some domestic oil. Promises another veto on measure to extend price controls. Vetoed bill would have held price in "old oil." Roll back of new oil prices also would have been provided.
REPORTER: John Chancellor

(White House) Unpopularity of this veto expected. Could mean gasoline price incr., when controls expire on Labor Day. Recession recovery fears cited. [Council of Econ. Advisers Alan GREENSPAN - explains reasoning of Ford plan.] Tax rebate to consumers part of Ford plan. Congress expected to reject Ford plan tomorrow; plan would lift oil price controls over 2 1/2 yr. period. President, Congress seek compromise. Tax on oil producers possibility. Representatives said to fear oil price increase due to 1976 elections.
REPORTER: John Cochran

(Studio) Shah of Iran predicts price rise on for, oil in September Inflation, decline of $ value blamed.
REPORTER: John Chancellor

Chancellor, John;
Cochran, John

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