Word: wellheads
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Dates: during 1970-1979
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...G.O.P. plan would not tax oil at the wellhead, gasoline at the pump or gas-guzzling cars at the factory. Instead, the Republicans want federal price controls removed from all gas and oil when a "true world price for energy resources emerges." Until then, the G.O.P. Senators advocate a transition period in which Congress must ensure "that any excess energy profits are reinvested by the energy industry to find and produce yet more energy"-or taxed, with revenue returning to the consumer. 2) The Republican program pushes nuclear power more than the Carter plan. It calls for research into...
...heavy seas. Two American experts, Asger ("Boots") Hansen and Richard ("Toots") Hatteberg, flew in from Texas to try to cap the well, and encountered more problems than they had expected. High winds stymied their earliest attempts to get aboard the platform; later a potentially dangerous gas buildup around the wellhead forced them to retreat temporarily. Using brass tools to avoid striking sparks that could ignite the gas, the Americans made four unsuccessful attempts to shut off the flow. At week's end-bolstered by the arrival of their boss, famed oilwell troubleshooter Paul ("Red") Adair-they finally capped...
...significant relaxation of federal price controls. The oil companies would be allowed to charge world prices only on newly discovered oil, which in the future could substantially boost their earnings. The cost of oil from existing wells would be driven up by a new federal tax at the wellhead. Thus buyers would pay more for gasoline (even if the 5?-per-gal. gasoline tax never went into effect), for heating oil and for all other products made from crude. But, as Carter noted, "the oil companies would be prohibited from deriving any revenue" from most of the increases...
NATURAL GAS. The nation's cheapest fuel-whose artificially low price has led to its catastrophic depletion-would become more expensive. Federally controlled wellhead prices of newly discovered natural gas would rise by 300, to $1.75 per 1,000 cu. ft. Gas produced and consumed within the same state, which now is free of federal controls and sells for as much as $2, would be placed under the $1.75 federal "cap." Carter's reasoning: nationwide equalization of natural-gas prices should stop hoarding of supplies within one state, as occurred last winter, while other sections of the nation...
...31¢ hike in the federally controlled wellhead price of natural gas produced after Jan. 1, which would raise it to $1.75 per 1,000cu...