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...producers who want the Government to end price controls altogether. Said Dallas Gasman D.K. Davis: "There are some incentives but not enough for what drilling people would like?a full-out drilling boom." In addition, adds Davis, producers argue that even a price of $1.75 per 1,000 cu. ft. for natural gas "is not going to have much impact. It won't get producers out drilling deep wells." Short of decontrol, the producers want a price...
...problem is a serious obstacle to policymaking. For example, the U.S. Geological Survey-working from raw oil-company data and lacking funds to drill sufficient test holes-estimates that undiscovered resources of natural gas lying under water on the outer continental shelf may be as high as 655 trillion cu. ft., which at current consumption rates for gas would meet U.S. needs for more than 30 years. But then again, says USGS, the resources might be less than half that much. Lacking a better fix, energy planners cannot estimate how much of the nation's requirements might be filled...
During his campaign, Carter promised to remove federal controls that hold artificially low the price of some domestically produced natural gas. Under the present counterproductive regulations, gas piped across state lines sells for anywhere from 29? to $1.44 per 1,000 cu. ft., depending on when wells started flowing, v. an uncontrolled price of about $2 for gas produced and sold in the same state. That leads to hoarding of supplies within the producing states and shortages elsewhere. The plan will end that by extending federal authority to intrastate, as well as interstate natural gas while raising prices...
...beginning to pump from underneath the North Sea. Indeed, according to the Paris-based Organization for Economic Cooperation and Development, European demand is already outstripping its reserves. By 1985, the organization estimates, European gas imports from Iran, Algeria, the Soviet Union and elsewhere will total almost 3 trillion cu. ft. a year, six times the 1975 figure...
...billion exploring off Pensacola, Fla., without discovering anything except salt water. Worse, federal investigators suspect that gulf producers in recent years have been purposely holding back production in hopes that federal price controls will be removed and the gas will eventually sell for $2 or more per 1,000 cu. ft., rather than the present top interstate price...