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Last June, Aramco asked Fluor to design and build a $4 billion plant to collect, process and pump 5 billion cu. ft. of natural gas per day. When completed in 1979, the facility will fuel Saudi Arabia's $142 billion industrialization program. The job will return to the U.S. a lot of money that American industries spend to buy foreign oil. "The Saudis instructed us both to buy as much equipment as possible in the U.S. and maximize engineering in America," says Bob Fluor. "That may be $3 billion in equipment orders. It certainly won't hurt...
...Alaska is on its way to a third great boom. Oil companies-notably Atlantic Richfield, Exxon and Sohio-have already found immense reserves of natural gas under the frozen tundra of the North Slope. Geologists believe that there may be as much as 300 trillion cu. ft. of gas in deposits in Alaska's Arctic; those deposits could supply 5% of U.S. annual demand (currently 22 trillion cu. ft.) when tapped, thus helping to head off the long-predicted severe shortage in U.S. gas supplies. In fact, the gas could begin to flow from the Alaskan wells into...
...problem is not technical or even economic. Now that average wellhead prices are above 50? per 1,000 cu. ft., the value of the new find is at least $500 million per trillion cu. ft. in Alaska, and perhaps three times that much delivered to the consumer. Thus money can be raised to transport North Slope gas. Indeed, two competing proposals-each of which would rank as among the very biggest private construction projects in history-have already been developed by competing energy companies...
...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...
...present, the price of gas sold in the states in which it is produced-the most important are Texas, Louisiana, Kansas, Oklahoma and New Mexico -is unregulated and generally is $1.25 per 1,000 cu. ft. Gas piped across state lines is price-controlled by the Federal Power Commission at 520 per 1,000 cu. ft. That unrealistically low price, though it allows for a bare profit, has not only discouraged drilling but has prompted companies to sell a disproportionate share of what gas is produced close to the wells rather than piping it into states that have...