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UNS: 19th October 1973 - The 1973 Oil Crisis Begins
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Text regarding the oil crisis moves around screen until spinning star turns into oil drum
Oil situation; ***ALSO AVAILABLE ON FS180174006** ENGLAND: London WYLLIE:SOF: â€˜The oil industryâ€¦â€¦â€¦â€¦â€¦.that it is possibleâ€™
The 1973 oil crisis increased gas prices due to boycotts of foreign oil, causing concern at the OPEC meetings.
Harry Bridges of Shell Oil Company denies that the oil companies have created a shortage, noting that profit money goes into research.
President Richard Nixon speaks of ending the energy crisis and of the United States relying on its own resources.
Charles Vanik testifies before a US House subcommittee hearing on windfall profits made by oil companies during the energy crisis.
Dr. Fred Allvine of Georgia Tech blames oil companies for consciously creating oil shortages to boost prices.
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