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Iran and Libya / Price Incrs. #56592

ABC Evening News for Monday, Oct 15, 1979
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(Studio) Incrs. in crude oil prices by Libya and Iran reported.
REPORTER: Frank Reynolds

(NYC) Implications of increase on United States petroleum prices cited; significance of Libya's and Iran's break with other OPEC (Organization of Petroleum Exporting Countries) members considered. Other means of circumventing OPEC (Organization of Petroleum Exporting Countries) outlined on screen; impact of further increases on inflation-fighting programs noted. Federal Reserve Bd. mentioned.
REPORTER: Dan Cordtz

(DC) Escalating oil prices said at core of United States inflation; position of Federal Reserve Bd. chairperson Paul Volcker with regard to situation examined [VOLCKER - discusses board's action, inflation.) [Senator Paul SARBANES - asks if government should eliminate cost of living adjustments for Social Security recipients.) [VOLCKER - responds.) Volcker's stance with regard to cost of living policy noted. Question as to whether United States really in recession or not considered.
REPORTER: Charles Gibson

Cordtz, Dan;
Gibson, Charles;
Reynolds, Frank

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