Word: wellheads
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...Wellhead Tax on Oil It is designed to cut fuel consumption by lifting the price of U.S.-produced crude by 1980 to the higher world level charged by OPEC. The White House wants to rebate the proceeds of the tax to consumers. The House agreed. But last week Louisiana Democrat Russell Long, chairman of the Senate Finance Committee, said his committee "will not vote these big taxes" unless the receipts go not to consumers but for use in developing new sources of energy such as gas from coal. If the tax is passed without a rebate, consumer bills for fuel...
...Alaska. The consumer will probably wind up paying the same price as for imported oil, now $13.50 per bbl. If the pipeline tariff goes down, the companies that own the line can make up most of the difference by paying their producing subsidiaries a higher price at the wellhead to pump the oil out of the North Slope. And their arrangement with the state declares that the higher the price at the wellhead, the higher the revenue payments to Alaska...
...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...
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...