• Short Summary

    President Nixon of the United States gave his second major speech on the energy crisis in Washington on Wednesday (23 January).

  • Description

    President Nixon of the United States gave his second major speech on the energy crisis in Washington on Wednesday (23 January).

    The President announced that, in the 1975 financial year, spending on energy research and development would be almost doubled to 1,800 million U.S. dollars (750 million sterling).

    The legislation before Congress includes a tax on windfall profits to stop United States oil companies profiting from the crisis. It also abolishes ??? 22% price allowance which gave the U.S. oil companies an advantage when selling overseas. The purpose of the second measure is to cut oil exports, in order to provide more fuel for domestic use. Mr. Nixon added that the energy shortage was "a blow" to American pride and prosperity but said it could turn out to be a fortunate turning point. Americans had realised they were too dependent on foreign oil supplies.

    The President announced that, in the 1975 financial year, spending on energy research and development would be almost doubled to 1,800 million U.S. dollars (750 million sterling).

    In Washington on Wednesday, President Nixon described the Government's new measures designed to meet the energy crisis, caused mainly by the Arab oil boycott.

  • Tags

  • Data

    Film ID:
    VLVAAQDFK6D2CB2S5765OJK91KU4O
    Media URN:
    VLVAAQDFK6D2CB2S5765OJK91KU4O
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    24/01/1974
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:48:00
    Time in/Out:
    /
    Canister:
    N/A

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