NBC Evening News for Thursday, Apr 28, 1977
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(Studio) Federal Energy Administration says 20 international oil companies have bought oil at inflated prices from own foreign subsidiaries and are passing cost on to consumers. Agency says prices will be rolled back at gas pumps to give money back.
REPORTER: David Brinkley
(DC) Govt. says overcharges began in Arab oil boycott. [Federal Energy Administration Gorman SMITH - describes temporary price cuts to get money back to consumer.] Gulf Oil would be 1 of hardest hit and will fight ruling in court [Gulf Vice President L. Hill BONIN - says company supplied oil during embargo and didn't increase prices.] Today's action won't make it easier for oil companies or administration to convince public of energy crisis.
REPORTER: John Cochran