NBC Evening News for Friday, Jul 25, 1975
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(Studio) President Ford proposes gradual decontrol of domestic oil prices by end 1978. Plan incls. windfall taxes on company profits and energy tax rebates for consumers. Gasoline prices under plan to increase 1 cent in 1975: 1 cent by 1977 and 4 cents by 1978.
REPORTER: John Chancellor
(DC) [FORD - says plan 1st step in reducing dependence on foreign oil. Plan won't hurt economy recovery or raise prices in 1975. Won't allow unfair gains or produce undue hardships.] Letting oil price controls expire would be hard to explain in election year
REPORTER: Tom Brokaw
(DC) Energy chief, Frank Zarb, explains plan to Congress [Senator Henry JACKSON - says plan will increase oil company profits but not production. Will cost jobs and not save energy.] [Senator Ernest HOLLINGS - says mandatory conservation needed, not conservation by recession.] [Representative Thomas O'NEILL - says 750,000 jobs to be lost. Inflation to increase by 2%. Hopes House members won't go along.] Plan could be rejected, added to House bill or 3-mo. extension to present controls added.
REPORTER: Catherine Mackin
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