Word: higher
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Dates: during 1970-1979
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HOWEVER, the House and Senate bills clash on the definition of new natural gas. Put bluntly, this debate involves how much of the taxpayers' cash will disappear into the hip pockets of industry. The professed reason for allowing the energy conglomerates to sell newly discovered gas at higher prices is to encourage exploration that would not take place otherwise...
...exploration. And also, these corporations, making enormous profits now, and more in the future, have little need for incentives. In 1976 they made $9.2 billion in profit, a 93-per-cent improvement over 1972, and they achieved an average return on their investments of 14.6 per cent--substantially higher than most other industries. Carter's question was again to the point: "Who will profit from these prices and to what degree...
With regard to a specific definition of new gas, the so-called Christmas Bill, developed in the House, more successfully keeps the original purpose of incentives in mind. To receive the higher price, a gas company would have to drill a well on the Outer Continental Shelf (OCS) at least two-and-a-half miles away from, or 1000 feet deeper, than an existing well. The House energy conferees recommended an intermediate price increase for gas from wells drilled between one-and two-and-a-half miles from an existing well. But going on the assumption that gas producers will...
...unjustifiably cost the consumer an additional $3.5 billion. Eckhardt attributed this "bonanza" for the gas industry to "more generous treatment in connection with drilling in closer proximity to existing wells," and to the fact that the Senate would allow new reservoirs found on old OCS leases to qualify for higher prices...
...team the Crimson is almost assured of at least a 15th place finish among the 55 teams, and fine performances today from Chipman and Vastola could boost them to tenth or higher...