Since 1954, when the U.S. Supreme Court gave the Federal Power Commission jurisdiction over the price of interstate gas at the wellhead, U.S. gas producers have fretted over the specter of federal price-fixing. While waiting for congressional relief, several -big operators simply capped their supplies or searched for smaller intrastate markets. But last week a pair of big, tough-minded companies found a way out through the age-old law of supply and demand. The companies: CATC (Continental Oil, Atlantic Refining, Tidewater Oil, Cities Service) producing combine and Tennessee Gas Transmission Co., both...
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