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Monday February 17, 1975
. . . where the 1970s live forever!

News stories from Monday February 17, 1975

Summaries of the stories the major media outlets considered to be of particular importance on this date:

  • World crude-oil prices have begun to sag noticeably under the impact of reduced consumption by the industrialized nations. Although no major price break is expected, industry experts believe the present price weakness will soon be reflected in slight reductions in consumer prices. [New York Times]
  • Frank Zarb, the Federal Energy Administrator, said that President Ford would decontrol the price of "old oil" even if Congress did not impose an excess-profits tax to keep oil companies from benefiting unduly by his action. Decontrol would almost surely mean higher prices. The President's action could be vetoed by Congress. Mr. Zarb told a House energy subcommittee that decontrol of old domestic crude oil on April 1 was an integral part of Mr. Ford's plan to make the United States independent of Arab oil-producing nations. [New York Times]
  • A net loss of $73.5 million, the biggest loss for a quarter-year in the company's history, was reported by the Chrysler Corporation for the fourth quarter of 1974. In the fourth quarter of 1973, the company reported net earnings of $74.4 million, or $1.38 a share. Chrysler, one of the hardest hit by the recession, reported a net loss of $52 million compared with earnings of $255 million, or $4.80 a share, in 1973, which was a record year in sales for the auto industry. The 1974 loss was also the biggest for any year in the company's history. [New York Times]
  • Senator Lloyd Bentsen, a 54-year-old insurance millionaire from Houston, became the fifth Democrat to enter the 1976 presidential race. As a qualification for his candidacy, he offered his business experience to remedy the economy. "The paramount issue is economic recovery" he said in an announcement delivered according to custom in the Senate Caucus Room. The statement was later repeated in Houston. [New York Times]
  • Secretary of State Kissinger and Andrei Gromyko, the Soviet Foreign Minister, completed their talks in Geneva still in disagreement over the Middle East. After five hours of discussion on the Middle East, Mr. Gromyko told newsmen that "there were questions on which our positions did not exactly coincide." Mr. Kissinger said he concurred with that. [New York Times]
  • Prime Minister Wilson of Britain, who completed talks with Soviet leaders in Moscow, announced that Britain had agreed to extend the Soviet Union about $2 billion in low-interest credits to encourage purchases of British capital equipment and technology over the next five years. [New York Times]
  • Military sources said that the attempt by Cambodian government troops to open the blockaded Mekong River, the principal supply line to Phnom Penh, the capital, is in trouble. The troops were said to be making no progress against Communist-led insurgents who seized control of the river. [New York Times]
  • The Municipal Museum in Milan was robbed of 28 paintings, among them works by Cezanne, Gauguin, Renoir and Van Gogh, whose value was estimated at least at $5 million. The theft occurred 11 days after three celebrated Renaissance paintings were stolen from the National Museum in Urbino. [New York Times]

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