NBC Evening News for Saturday, Mar 20, 1982
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(Studio) OPEC (Organization of Petroleum Exporting Countries) reported agreeing to slow oil product due to international glut.
REPORTER: Bob Jamieson
(Vienna, Austria) Sheik Ahmed Zaki al-Yamani's announcement of Saudi Arabia's product cut discussed. [YAMANI - will impose lower ceiling if necessary.] Iran, Iraq, Libya, Nigeria said allowed to increase product as well as lower prices for some; details given. Drop in world oil consumption since early 1970s noted.
REPORTER: Mike Jensen
(DC) Admin. attitude towards OPEC (Organization of Petroleum Exporting Countries) noted. [Energy Secretary James EDWARDS - notes impact of free market economy] Basis of current oil glut explained; US oil product since 1970 graphed on screen. [Oil analyst Dan. LUNDBERG - praises situation.] Impact of lower prices on United States oil-producing states (listed in report) noted; impact on amount of windfall profits tax collected by United States Treasury explained. [Oil analyst John LICHTBLAU - doesn't anticipate incrd. gasoline prices.] [EDWARDS - agrees.] Call for fee on imported oil mentioned.
REPORTER: Irving R. Levine
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