World Over A Barrel – July 24, 1979

Oil Company profits - 1979 -  In the midst of austerity; gluttony.

Oil Company profits – 1979 – In the midst of austerity; gluttony.

CBS World News Roundup – The World Tonight – July 24, 1979 – Gordon Skene Sound Collection

Busy day in the world, this July 24th in 1979.

Beginning with the continuing saga of the Middle East. Lebanese Radio reported Israeli troops penetrated 5 miles into Southern Lebanon on a search-and-destroy action for Palestinian guerillas. This, on the heels of U.S. denunciation of Israeli air raids along the Lebanese coast over the previous weekend.

The UN Peacekeeping presence in the Sinai Peninsula was slated to expire at midnight. The Peacekeepers stood between the Egyptian and Israeli armies since 1974 – and the current set of negotiations expressly called for UN peacekeeping presence during the phased Israeli withdrawal from Sinai over the next 2 years. Scrambling the extend the mandate, the UN came under fire from the Soviet Union, who not only contested the mandate in the first place, but had denounced the current round of peace talks between Israel and Egypt.

And firing squads were busy in Iran on this day, with 5 more executed on various grounds, including two who were executed for plotting to blow up Iranian oil pipelines.

Nicaragua was vowing to get the firing squads going, warning anyone caught committing acts of terrorism would be executed on the spot.

On Capitol Hill – the Carter Administration was recovering from the blast of criticism over recent cabinet shakeups and having a few second thoughts over its handling of the issue. Still, Carter said he wouldn’t have changed the players – just the method by which it was done.

And the obscene profits, raked in by the five major Oil companies since the start of the year, had just about everyone up in arms on this day. Talk of Windfall Profits Tax legislation was gearing up and gaining major support. The Oil companies claimed the profits were from overseas activity and weren’t domestic, which they claimed actually showed a loss. The sympathy vote was absent, but many wondered about the Tax as well, particularly those in Oil states. Big Oil, it appeared, was in some Big Pockets.

Just a small slice of the many goings-on this July 24th in 1979, as presented by The CBS World News Roundup and The World Tonight.

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