Word: wellheads
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...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...
...recover a portion of this spill and contain and dissolve the rest, Pemex, the Mexican State oil company, has put together a small army of 500 workers, 22 boats and twelve aircraft. But chances of halting the flow soon are dim because the undersea gauges and wellhead are blocked by debris from the shattered rig. Pemex is drilling two intercepting relief wells to tap the oil below its escape point and thus stop the leakage. But such a procedure can take at least two months...
...scheme among the big oil companies to hoard supplies and make a killing at the expense of the consumer, but there is no evidence of that. The basic cause of rising prices is OPEC price fixing, compounded by the intricacies of Government regulation all the way from the wellhead to the pump...
There was no gusher. Instead, pressure gauges simply showed that something-oil or gas-was trying to come up. Hours later, a mixture of mud, water and natural gas vented from the wellhead in a cloud that when ignited whooshed into a 30-ft. flare visible 20 miles away. A second test at 13,000 ft. yielded indications...