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OCR Page 1 of 53THE PRESIDENT HAS SEEN
NEWS SUMMARY
January 24, 1974
(Wed nets, wires)
The major stories of the day w/W'gate getting 18 of the nets' combined
66 minutes and energy w/27:
RN jumped right into the middle of the dispute over oil shortage,
led NBC in story #2 on CBS behind other energy news and #6 on
ABC. All shows w/RN film and straight reports on the energy
message.
ABC/NBC clips as RN said program is geared to
1) protect jobs; 2) prevent gouging; 3) compel companies to
provide info; 4) prevent windfall profits. On CBS, RN shown as
he said legisl. is urgently needed to meet the current crisis and
to develop self-sufficiency.
NBC said most controversial RN
request is call for closing of tax depletion on overseas operations.
And Petrol. Inst. Pres. Ikard on NBC film said this wasn't the
time for such a move given shortage and need for major capital
investment. But NBC noted many MCs want even more of a
crackdown so RN proposals may have tough time on Hill.
Jarriel noted there'd be several bills to prevent delay of entire
package by controversial proposals.
CBS w/most complete
listing of items in message 12.
Jackson said his hearings have not developed any evidence that
companies created crisis, led CBS, but they have profited
considerably. As if to emphasize point, said Walter, Exxon
announced 60% profit hike in 4th Q. Film on all nets of un-
precedented Exxon news conf. to announce profits -- they
obviously felt, said NBC, that explanation was needed for a
public grown weary of increasing price hikes. Pres. Jamieson
on all nets emphasized need for huge amounts of investment
capital and said profits will be plowed into developing more oil.
Simon on ABC clip fearing hasty action against companies will
limit their ability to attract that needed capital.
And on CBS,
acknowledging he's not a candidate for anything, Simon said oil
profits aren't exorbitant. ABC clip had him acknowledging "some"
windfalls, tho this wasn't noted by CBS in clip likely to bring
Simon some of the unpopularity he expects as result of his com-
ment on profits overall.
ABC film as Jackson said oil stocks
were as high at end of '73 as they were a year earlier.
CBS
clip of Jackson threatening firms w/subpoenas and accusing Exxon
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