Word: wellheads
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Dates: during 1980-1989
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...were first discovered on the outskirts of Paris nearly 30 years ago, oil companies have suspected that further deposits might lie under the city itself. If significant amounts of crude are found beneath any of Paris' landmark districts, drilling could be done at a 45% angle, and thus the wellhead might be situated nearly two miles away. Elf Aquitaine spokesmen claim that the drilling equipment could be hidden behind fake building facades...
...proposal would add a few controls of its own. In hopes of satisfying those who think prices will rise, the plan would impose a floating price cap on some wellhead gas until 1986. Also, pipelines would need Government approval until then to pass along any hikes that outstrip inflation...
...that discovered prior to April 20, 1977-will reach a projected maximum price under controls of $1.60 to $1.90 per thousand cu. ft. in 1985. Gas discovered in subsequent years can be sold at higher prices, reaching a projected maximum of about $4.54 per thousand cu. ft. at the wellhead in 1985. From that date onward, any additional discoveries will fetch the prevailing world market price...
Natural gas is a prime example of federal regulation run amuck. During the 1960s and early '70s the Government limited the average wellhead price producers received for gas sold between states to below 200 per 1,000 cu. ft. At the same time, gas within producing states, where there were no price controls, was sometimes sold for more than $2. As a result, producing states enjoyed a surplus of gas, while the rest of the U.S. was beginning to suffer shortages. Few drillers were bothering to explore for gas that could be sold between states. The Natural Gas Policy...