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Segment 3 ($ Oil $) #498077

NBC Evening News for Monday, Mar 27, 1978
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(Studio) President Carter's planned 1st stop in Venezuela on upcoming foreign trip noted. Impt. of Venezuela for reasons of money and oil examined in report
REPORTER: John Chancellor

(Maracaibo, Venezuela) Richness of Venezuela's Lake Maracaibo as oil field described; has made country 2nd only to Saudi Arabia in supplying United States with oil. Venezuela's nationalization of oil industry in 1976, increase in oil prices, coming mostly from Americans paying more for gasoline, and evidence of this extra money making difference in lifestyles in Venezuela outlined. Advantages and problems brought on by oil money examined. Ex. is traffic congestion in Caracas and uneven distribution of oil wealth in country Strength of Venezuela's democracy and dependency on spreading of oil money to keep democratic government detailed. [Information minister Diego ARRIA - notes Venezuela never had more money than it has now, but also never had more expectations than has now and that's greatest problem. Discusses problem.] Cntry.'s development of industry in hopes of creating industry base to last long after oil runs out described. United States view cited that Venezuela will succeed in industrialization and in future will be one of strongest South American cntrys., with oil, industry and democrat government; these cited as reasons for President Carter's trip there.
REPORTER: John Dancy

Reporter(s):
Chancellor, John;
Dancy, John
Duration:
00:04:40

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