With obvious misgivings, the U.S. Supreme Court last week okayed the new yardsticks which the Federal Power Commission has fashioned to fix wholesale natural-gas rates. In three separate decisions, FPC came out on top. But it had only a legal victory to crow over. A court majority looked on the rate yardstick with so little enthusiasm that one justice flatly called it a "fantastic" way to regulate the gas industry.
Fantastic or not, the yardstick had been used by FPC to cut $7,800,000 annually off the wholesale rates of four companies: Panhandle Eastern...
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