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Energy / Congress / Crude Oil Wellhead Tax / Long / Clinch River Project #50405

ABC Evening News for Tuesday, Sep 20, 1977
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(DC) Senator Finance Committee votes down tax on gas guzzlers, dealing blow to President Carter's energy package President faces defeat on even more important part of plan, as bill goes through Senator
REPORTER: Frank Reynolds

(DC) Sources say administration has capitulated with regard to rebates from energy taxes. Carter wants consumer rebates from crude oil tax assessed at wellhead. Finance chairperson Russell Long won't support measure saying tax money should be reinvested to give incentive for more oil exploration and development Long won't support oil tax if revenue not to be reinvested. [LONG - hopes admin. will support it; has heard favorable reports in response to using this approach as part of bill.] Energy Department officials said to have accepted plan, after realizing rebate idea is dead; however, some liberal Senators and consumer groups and labor will fight Long plan, claiming big oil has enough money already. [Consumer advocate James FLUG - notes 21 biggest oil companies had profits for 1st half of 1977 greater than profits for entire year of 1972, last preembargo year] Effects of Long plan on oil production prices noted.
REPORTER: Don Farmer

(Studio) House deals Carter setback in voting not to kill funds for Clinch River breeder reactor project in Tennessee.
REPORTER: Frank Reynolds

Reporter(s):
Farmer, Don;
Reynolds, Frank
Duration:
00:02:00

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