SUPPLY: Facing Double Trouble

The oil and gas industry was jolted last week by bad legal news that involved drilling below two widely separated stretches of water. The Government voiced deep suspicion that major companies are not producing as much natural gas as they could from beneath the Gulf of Mexico, and a federal judge issued an order that will in effect forestall drilling for oil off the coasts of Long Island and New Jersey.

In the gas matter, Interior Secretary Cecil Andrus announced that an eleven-day probe of allegations that companies were hoarding gas on fields leased from the Government had raised enough...

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