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Anybody's knowing how long the B52 in question was airborne? I mean by calculating with the average cruising speed you may see whether the bird possibly flew a triangle via Arizona and back, eastward to Barksdale/Lousiana...
Memories about the movie "Broken Arrow" arise. In this context I remember as well what happened on January 17, 1966, where an SAC B-52 had a mid-air collision with a KC-135 tanker while refueling over Palomares, Spain...
But back to your Fosset-theory. I would give some credibility for this idea - if we knew more about the actual route of the bomber. Responsible for coordinating all the search is 1st Air Force commander, Maj. Gen. Henry C. Morrow, using the Air Force Rescue Coordination Center located in the 601st Combined Air and Space operations Center at Tyndall Air Force Base, Fla. Perhaps the CV of this gentleman could give us further clues.