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Oil Industry / Resellers' Fraud / Indictments Expected #51826

ABC Evening News for Thursday, Nov 23, 1978
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(Studio) Expected indictment in criminal investigation of companies that buy oil from producers and resell it to refineries noted. Profits for these companies and cost to consumers stated.
REPORTER: Frank Reynolds

(No location given)' Govt.'s rulings about pricing of new oil, put into effect after 1973 Arab oil embargo, outlined. Energy Department's discovery of extensive fraud in industry due to the rules noted. [Energy Department investigator Joe McNEFF - reports having found at least $1 billion in fraud and says it's bigger than that.] Details given about fraudulent practices in resale of oil. [Reseller Association spokesperson Alan DAIGLE - says it's as easy to cheat on regulations as it is on income tax.] [Energy Department attorney Terrence O'ROUKE - describes ease with which person can cheat on regulations.] Energy Department figs. about illegal profits given. [O'ROUKE - says some have become millionaires by cheating.] [McNEFF - says all costs to refiners could be passed on to American consumer.] O'ROUKE - says there was no action until now because government didn't enforce law.] Upcoming request by Houston's United States attorney that grand jury hand down criminal indictments stated. Ex. of wrongdoing given is government's chgs. against Uni Oil Incorporated
REPORTER: Roger Peterson

Reporter(s):
Peterson, Roger;
Reynolds, Frank
Duration:
00:03:40

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