Word: cu
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Dates: during 1970-1979
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...plagued the U.S. every winter since 1969. The scarcity threatened for the winter of 1975-76 could be the real thing. Estimates vary, but one made last week by Democratic Senator Ernest Rollings of South Carolina is as good as any. He predicts that supplies will fall 1.3 trillion cu. ft., or about 19%, below potential demand, producing a shortage 30% worse than the one last winter...
...Commission has regulated the price of gas flowing across state lines. As demand surged in the early 1970s, partly as a result of environmental legislation favoring clean-burning gas, the FPC held the price at an artificially low level. Even now, it is fixed at only 510 per thousand cu. ft., equivalent to a mere...
...encourage exploration, the Democrat-sponsored bill would allow independent producers to charge as much as $2 per thousand cu. ft. for "new" gas. Gas from newly developed wells brought in by major oil companies would be sold at a fixed price of up to 750 per thousand cu. ft. Both the White House and the Senate Democrats would hold the price of "old" gas from wells already in production at roughly its present level to soften the economic impact of the higher new gas prices. The White House, however, has called for decontrol of all new gas, allowing the price...
Painful End. For the past seven years, the consumption of natural gas has outrun new discoveries at an alarming rate. Barring a dramatic reversal of present trends, the U.S. will exhaust its present proven reserves of 234 trillion cu. ft. in eleven years. There is no guarantee that new wells would bring in abundant new supplies. U.S. potential (as opposed to proven) gas resources are currently estimated at 322 trillion to 655 trillion cu. ft., roughly a 15-to 30-year supply, but that figure is little more than a guess. In any event, lead times for bringing...
...staff members of the Federal Trade Commission charge that the gas industry deliberately understated reserves in order to win high prices. For example, the FTC officials contended, in 1971 and 1972 Union Oil for internal purposes assessed gas reserves in an area off the Louisiana shore at 7.2 trillion cu. ft.; at the same time, the American Gas Association was officially estimating reserves in the same region at exactly half -3.6 trillion cu. ft. Justified or not, the accusations can hardly fire congressional enthusiasm for decontrol of oil and gas prices...