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...jurisdiction only over gas transported from state to state. Intrastate gas is not price controlled at all and averages $1.54 per thousand cu. ft. Since interstate gas is priced at either 29.5? per thousand cu. ft. (for gas discovered before 1973) or 52? (for "new" gas discovered since then), producers are inclined to sell their gas within the state in which it was found. To make interstate sales more profitable-and dampen consumption at the same time-the FPC lifted the price of new gas to $1.01 per thousand cu. ft. for gas found...
...companies extract half of the coal by surface mining, using gigantic 20-story shovels that can crunch 120 cu. yds. of earth in one bite, exposing the coal veins for an army of other machines to attack. Mechanization has come to underground mines, too. In the big ones, miners no longer loosen the coal with explosives and pry it from the seam with pickaxes; they work continuous mining machines that cost $200,000 apiece and look like a cross between a chain saw and a lobster. The machines nose up to the coal vein and rip out ten tons...
...natural gas. The largest demonstration plant to be built is a $237 million facility in New Athens, Ill. Jointly owned by Union Carbide and Chemical Construction Corp. and partially financed by ERDA, it has been designed to turn 2,700 tons of high-sulfur Illinois coal into 22 million cu. ft. of "syngas" and 3,000 bbl. of "synoil" each...
...some ways, it is a key test. If the plant can produce gas at $3.20 per million cu. ft. when it starts operating in 1979, it will succeed in at least matching the economics of existing-and readily marketable-synthetic gases such as those made from naphtha. Becoming a feedstock for "syngas" would open a major new potential for coal, especially the now stymied high-sulfur varieties. The Federal Government would benefit, too, since the plant's success would be an early vindication of its insistence that the nation can achieve relative energy independence...
Flocking Suitors. In Wall Street jargon, Aztec had become a highly desirable "special situation," offering solid reasons for expecting big increases in profits. Total deregulation of gas prices could mean for Aztec a price of about $1.50 per 1,000 cu. ft. of gas-almost four times its current average. Nearer term, Aztec is suing Southern Union to force it to pay the fair value price for the portion of its gas not subject to federal regulation. A compromise has been proposed that could mean a substantial immediate cash inflow to Aztec...