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As well as some wells produce condensate liquids and condensate gasoline which have to be separated by means of gasoline plants. The query is how much of the expense of exploration, operation, etc., of wells ought to be chargeable to gasoline. Why the consumer ought to pay on these items, significantly 'dry holes' ($11,306,964), expired and surrendered leases ($9,479,898) and undeveloped offshore leases ($17,765,332) is a matter for the specialists; nevertheless it appears to me that since Phillips charged off the dry holes in its taxes and the shoppers acquired nothing whatever in 1954 from expired and surrendered leases and undeveloped offshore leases, such expense should not be included in the rate base. Exploration and growth, depletion allowance, allocation and curiosity prices.-Exploration and development expense for 1954 on the books of the corporate was $47,474,039, including undeveloped lease rentals, drilling instruments, expired and surrendered leases, dry holes and land and geological activities. However, depletion is allowed as an incentive to exploration and positively its savings must be deducted from Phillips' whole expense in this regard. He directed and Phillips filed a preliminary fee per Mcf.

24 F.P.C., at 576, even supposing they various from 5.5¢ per Mcf. Five years later the Presiding Examiner decided Phillips' 1954 cost of service to be 11.662¢ per Mcf. The Court there charged the Commission with supervision over Phillips' operating bills, each producing and gathering, and directed the Commission to repair a simply and affordable price for the sale of Phillips' gasoline. As the Court has pointed out, the Commission terminated not solely the § 5(a) proceeding but also 10 consolidated § 4(e) proceedings in opposition to Phillips, the latter on the ground that the revenue obtained by it for the periods concerned was lower than cost of service. Nevertheless the Commission held to the opposite and, in addition, issued the assertion of policy and accompanying worth levels without discover, listening to or record and has since amended them several occasions in like method. Concurrently with this action the Commission issued sua sponte an announcement of General Policy No. 61-1, 24 F.P.C. Still the Commission has allotted nearly one-third of the exploration price to gasoline, which only brings in a single-seventh of the mixed revenue. This was barely extra sensible, but nonetheless required women to sacrifice motion and comfort so as to achieve a fashionable shape.

Options embody mixed prints and shade-block designs in pullover styles or the more basic zip-ups we have all come to know and love. Isn't it wonderful how some widespread issues which we already know but by no means notice and they can actually assist in remodeling your whole look? You'll be able to type it over a printed tee and go away it unbuttoned or tie it to the waist for a extra avenue look. The Examiner, contrary to the Commission, had found the fee technique not solely extra accurate but fully feasible and, in comparison with the realm methodology, no extra delaying. 11%. It discovered Phillips' jurisdictional revenues substantially much less in 1954 than these allowables and, contra to the advice of the Examiner and its own staff, it terminated all save two of the § 4(e) proceedings, discharged Phillips from additional refund obligation thereunder and براندات dismissed its personal § 5 investigation of those and subsequent rates covering some ninety five substantial price will increase made by Phillips. It discovered Phillips' 1954 value of service to be 11.1009¢ per Mcf. Phillips used a B.t.u. The parties themselves, together with Phillips, concurred in the conclusion that Phillips' charges ought to be determined by the Examiner on the idea of its over-all price of service.

I shall now offer a couple of examples within the Commission's rate-base calculation of 1954 that support this conclusion. As a consequence the shoppers of gasoline all around the United States and notably in the large metropolitan cities of the Eastern Seaboard, the Midwest and the West Coast can pay for the Commission's space pricing wildgoose chase. In addition, the likelihood that the Court's affirmance shall be thought to be an approval of these extremely questionable requirements for price-of-service willpower, thus fostering their application in different circumstances, Fashion accessories calls for dialogue of them. In view of this disposition it is critical, aside from the contention that there was no foundation for dismissal of those proceedings masking years subsequent to 1954 on that yr's findings, for us to look at the premise of its price-of-service findings for 1954. The dismissal orders are all predicated upon the 1954 value of service and if it's erroneous the entire foundation for the orders of dismissal falls. On this summary vogue the Commission junked its price-of-service regulation program, wasted a half-dozen years of work thereon and is now experimenting with a new, untried, untested, inchoate program which, in addition, is of uncertain legality.

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