Word: murchisons
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...John Macy (9:02.6), now a student at the University of Houston. Olympic Hurdles Champion Lee Calhoun came back from a Philadelphia defeat by Decathlon Champion Milt Campbell and beat Campbell in Washington with a world indoor record 8.2 sec. time for the 70-yd. high hurdles. Olympian Ira Murchison improved on a disputed victory over Duke's Dave Sime in the 50-yd. dash at Philadelphia by whipping Sime at 70, 80 and 100 yards in Washington in times...
...area's almost complete dependence on oil for fuel and the danger of a shortage of tankers. Last week it looked as if Florida would soon get another important fuel supply-natural gas. In Washington the Federal Power Commission handed down permission for Texas Wheeler-Dealer Clint Murchison to hook his Coastal Transmission Corp. into Houston Texas Gas & Oil Corp., build a $150 million pipeline system to supply gas everywhere along the fast-growing peninsula...
...Murchison will build a 574-mile pipeline eastward from McAllen, Texas, gather gas from producers along the way and deliver it to Houston's Baton Rouge station. In turn, Houston will build a pipeline to carry the gas to a Dade County terminus at Cutler, south of Miami, with 682 miles of lateral spur lines running off the main stem to supply customers in every major Florida market...
...deal was the first major pipeline project since the U.S. Supreme Court gave the FPC power to fix the price on the resale of gas in the field by pipeliners in 1954 (TIME, June 21, 1954). Murchison and friends managed to get around price-fixing rules because there is no clause in the Natural Gas Act that keeps consumers from buying gas directly from the wells and setting their own prices. Two big Florida utilities, Florida Power & Light and Florida Power Corp., will buy 60% of the pipeline's daily 250 million-cu.-ft. capacity directly from Texas...
Because Coastal's gas-gathering contract was due to run out by Dec. 31 unless FPC approved the pipeline plan, FPC hustled through its approval in record time, without first passing on gas rates and financing plans, which should be completed by the end of January. By April, Murchison's group hopes to start laying pipe, plans to have the project in full operation within two years. It should prove a bonanza to all. The two lines figure to gross close to $30 million a year from the transportation and resale of gas. And since Murchison...