Word: wellheads
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...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...
...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...
...Americans flying over the deserts of the Middle East, it is a doleful sight: mile after mile of flaring wellhead fires burning off natural gas, a fuel that has become painfully scarce in many parts of the U.S. Equally bounteous reserves of gas exist in many other parts of the world, from Soviet Siberia to the marshy fields of Holland-and several of the nations with the biggest reserves must export gas if they are to tap the potential wealth, because their populations are too small to use all they have (see chart). Yet apart from a trickle of imports...
...really so bad? It does half of its job-regulating the rates charged by utilities for natural gas and for electricity that moves between states-without much trouble. The task in which the agency can please nobody is setting the wellhead price of natural gas produced in one state and burned in another. If the FPC holds down the price, gas producers (mainly big oil companies) berate the agency for not giving them an incentive to explore for new gas reserves. If the FPC lets prices rise, consumers set up a howl-and some 45 million American homes and businesses...
...become the most advanced country on earth. Yet many Americans have come to view the industry with suspicion, especially since the rapid runup in oil prices that followed the 1973 Arab oil embargo. Critics contend that the major companies' total control of all aspects of their business, from wellhead to gas pump, has given the industry too much power to manipulate supplies and prices and reap excessive profits at the expense of consumers. During the past year or so, the efforts of congressional Democrats to curb the companies' clout and inject more competition into the industry has gained...