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Title: Gas Theft And Means Of Prevention
Author: Joseph A. Becia
Source: 1987 International School of Hydrocarbon Measurement
Year Published: 1987
Abstract: Following World War II, a building boom created a large demand for natural gas, which was low priced and plentiful. The growth of the interstate natural gas market was effectively governed by the Natural Gas Act of 193b until 1954. In that year the Supreme Court handed down its decision to have the FPC regulate the wellhead price a producer could charge for interstate sales of natural gas. The FPC adopted the policy of keeping prices for consumers low, which prevented prices from rising to match levels of other fuels. Producers were unwilling to drill at these prices and by 1.967 the rate of new discoveries fell below the rate of consumption. Inflation had increased the costs of exploration and drilling. There was little or no incentive to search for new supplies. Proven reserves, in the lower 48 states, dropped from 22 times annual use in 1956 to 11 times annual use in 1974.

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