Word: wellheads
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Dates: during 1970-1979
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...reach 3 trillion cu. ft. That would be equal to 86% of last year's production in Louisiana, which leads the nation in gas output, and 18% of annual consumption in the whole country. To its discoverers that much gas would be worth $5.5 billion at existing wellhead prices on Louisiana's intrastate free market...
...weeks, a crew of red-suited blowout experts battled to cap the wild well. A crane removing a ten-ton piece of wellhead plumbing was smashed like a Tinkertoy, when the gas jet tossed the load into the air. The crew succeeded in diverting the gas to an open pit, where they set it ablaze to prevent an accidental explosion. By the end of September, workers managed to pipe the gas through a purifying plant and into a pipeline, through which it flowed at an uncontrolled rate of 140 million cu. ft. per day. Says Chevron's Exploration Manager...
Eventually, the workers pumped enough drillers' mud into the well to stop the flow of gas and permit the installation of proper wellhead equipment. Next year the well will go on stream at a manageable 20 million cu. ft. per day, six times the volume of a typical south Louisiana well and enough to meet the daily needs of 61,000 American homes...
...Wellhead tax The central feature of the Administration program, the tax would be phased in over three years and raise domestic crude-oil prices, now at an average $8.52 per bbl., to the current OPEC price of about $13.50 per bbl. The aim: to discourage domestic oil consumption. To encourage increased domestic production and reduce imports, the plan would allow the price of newly discovered oil to rise to the 1977 OPEC level, and the oil companies to retain the increased revenue. To lessen the draining effect of the wellhead tax on consumer spending power Carter proposed that much...
...House went along with the scheme, with slight modifications but the Senate rejected it. Instead, it proposed a $47 billion package to general revenue grants and subsidies to help industry convert from oil heating to coal, and to aid energy companies in developing unconventional sources like shale oil. The wellhead-tax dispute is the most difficult issue the conference committee faces. Supporters of the tax argue that without it, the oil companies would be handed a bonanza of unearned profits because they would get much more for oil that had already been discovered and was already profitable to sell...