Word: cued
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...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...
Even so, some experts consider Egypt's grandiose plans for expanding the Suez Canal to be way beyond the country's means. Before Lesseps first brought together the waters of the Mediterranean and the Red Sea, 97 million cu. yds. of earth had to be excavated; the new plans would require the removal of 300 million cu. yds., a stupendous undertaking even with today's more advanced earth-moving equipment. The Egyptians are nonetheless confident. There is even some talk that the colossal bronze statue of Lesseps, torn to pieces and dumped in a Port Said shipyard...