Word: bbl
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Dates: during 1930-1939
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...conservation law to curb the State's wild oil production. For 28 days the Legislature shilly-shallied, got nothing done. Meanwhile in Oklahoma Governor William Henry ("Cocklebur Bill") Murray called out troops to shut in oil wells until the price of oil should reach $1 per bbl. (TIME, Aug. 17.) Taking cue from his neighbor, Governor Sterling last week roweled his Legislature into action one day before adjournment with a threat of martial law. To show he meant it he sent his adjutant general into the gushing East Texas fields to find quarters for 1,000 troopers. Twelve hours...
Affected were all the wells (except salt water producers) in the State's prorated area. Exempt were "strippers" which produce less than 25 bbl. per day. Hardest hit by the order were the flush fields of Oklahoma. City (30 sq. mi.) and Greater Seminole (40 sq. mi.). With one pen squiggle Governor Murray had reduced the daily flow of Oklahoma oil from 425,000 bbl. to less than 150.000. To newsmen he declared: "The State's natural resources must be preserved and the price of oil must go to $1. Now don't ask me any more...
...resistance to the Murray order. Not a single shot was fired. So tame was the oil war that two young guardsmen were caught dozing under a Sinclair derrick. But despite martial law, economic law held its ground and the price of Oklahoma oil did not rise above 50? per bbl...
Meanwhile the Federal Government did not raise a finger against the Murray order in Oklahoma, but, instead, pointed one of scorn and reproach at Texas and its unregulated oil production. The new East Texas field was bringing in close to 600.000 bbl. per day. Operators there were selling their product at 10? and 15? per bbl., so low that Oklahoma refiners could buy and transport it to their plants at less than the local price (50?) which Governor Murray's order was designed to double. Declared Assistant Secretary of the Interior Joseph M. Dixon...
Although Oklahoma's daily oil production last week dropped 56,900 bbl. (see p. 9), the eastern field of Texas gushed 92,650 bbl. more than the week before and total U. S. production rose 13,700 bbl. per day. While low prices still bewilder the oil industry, stocks of refined gasoline last week continued to drop, stood at 36,742,000 bbl. against 44,100,000 bbl. a year ago. Refinery operations were running at 65.1%, of capacity against 69.6% a year...