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    "title": "News Summaries - April 1974 [14 of 20]",
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    "ocrText": "7\nENERGY\nCBS noted that tho Exxon's 1st Q profits up 39% from 1st Q\n'73, they were off 10. 4% from 4th Q.\nNBC noted Gulf's 76%\nand Amoco's 81% profit increases over 1st Q 173.\nABC's\nMurphy noted Texaco's annual projected profit of $2B (based on\n1st Q figures may be an embarrassment of riches but few stock-\nholders seem particularly bothered.) On film Texaco's Granville\nsaid prices must still go up; it's getting more costly to replace\ncrude oil reserves and to increase production thru additional\ndrilling and secondary and tertiary recovery.\nKrauss of CBS said Texaco's profit was \"sharpest jump so\nfar\" among majors, and said Jackson was \"enraged. 11 Jackson\non film said \"there's not a single thing in CPI not affected by\nincrease in price of petroleum, 11 and while he wanted to see\n\"reasonable\" profit, \"we can't tolerate obscene profits. 11 API's\nIkard on film said if one 1st considers profit on gal. of gasoline\nat 2¢, eliminating entire profit to co's \"wouldn't materially affect\"\nretail price. Krauss concluded that SO long as profits remain\nhigh and supplies short many believe price rollback may become\nreality.\nAll nets noted despite contentions the action could\ncourt veto again, House Commerce approved 14-12 legis calling\nfor rollback of most domestic products.\nShultz predicts oil\nprices will fall 1 year from now because tremendous efforts are\nbeing made to find alternative sources.\nClarence Brown said standby measure to give RN rationing\nand conservation powers in event of renewed e-crisis had \"effectively\nbeen killed. 11\nHouse Commcerce adopted (18-9) Brock-Adams amendment\nwhich would prohibit US cos. from passing on to consumers\nany increases in taxes and royalties levied abroad which cos. sub-\nsequently deduct from US income tax. Adams said amendment was\ndesigned to eliminate such \"double dipping. 11\nNBC noted Gulf's\nLee called Hill \"vindictive\" and determined to change tax laws to\nlower oil industry profits regardless of the case the companies\nmake."
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