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Texaco / Natural Gas Shortage #492327

NBC Evening News for Tuesday, Feb 22, 1977
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(Studio) House investigators charge Texaco oil company with holding back production of natural gas in 2 fields off Louisiana coast. Texaco disagrees.
REPORTER: John Chancellor

(DC) [Congress investigator John GALLOWAY - cites Texaco's failure to accelerate production in 2 fields; says it's profits-before-gas philosophy and quotes Texaco statement from FPC records.] Reporter has live interview with Texaco senior Vice President Richard Palmer. [PALMER - says company not withholding gas; says charges stem from regulators' desire to solve present shortage by dipping into reserves dedicated to long-term sale. Defines long-term sales.]
REPORTER: Carole Simpson

(Studio) Anchor asks with regard to connection between conserving gas now and making profit later.
REPORTER: John Chancellor

(DC) [PALMER - says he doesn't believe there's connection and that companies now attempt to find and bring to market gas at prices regulated by FPC.]

(Studio) Anchor asks if Palmer means gas Galloway spoke of is already sold on long-term contract, and what would happen if it's sold now.
REPORTER: David Brinkley

(DC) [PALMER - says gas is sold and that company feels it should be delivered as dedicated.]

Brinkley, David;
Chancellor, John;
Simpson, Carole

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