Word: wellhead
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PRICE FREEZE on natural gas at the wellhead (TIME, July 26) will be reconsidered by the Federal Power Commission. Independent gas producers, brought under FPC's rate-making jurisdiction by a Supreme Court decision, claim that freezing prices without an advance hearing violated their constitutional right to due legal processes...
NATURAL-GAS prices at the wellhead were frozen by the Federal Power Commission. In line with a Supreme Court ruling (TIME, June 14), FPC set up price controls over independent producers distributing gas interstate, must okay any future gas price increase...
...ruling came as a shock to the FPC. The commission itself had held in 1951 that it had no authority to regulate the price of gas at the wellhead. Now the FPC must exercise a power it does not want. Nevertheless, the commission, under Chairman Jerome Kuykendall, plans to reopen rate hearings immediately for the Phillips Petroleum Co., the big independent producer that carried the gas case to the Supreme Court, and try to set a rate pattern for other independents...
...Supreme Court, by refusing to review this decision, upheld the lower court. Phillips Petroleum is already preparing a petition for a rehearing. But the eventual solution will probably be up to Congress, which once passed a bill to put gas at the wellhead beyond FPC's jurisdiction (TIME, April 24, 1950) but had it vetoed by Harry Truman...
...have not found thee at the wellhead...