Word: east
(lookup in dictionary)
(lookup stats)
Dates: during 1930-1939
Sort By: most recent first
(reverse)
...East Side Turmoil Sirs...
Typical of the confusion reigning in the oil business were these rapid overturns in Texas Co. Oil's great bugaboo has been the unbelievably prolific East Texas oil field. It was discovered in 1930, a huge underground lake of oil, 32 miles long and three miles wide. Wildcatters and great oil companies had soon planted 10.000 derricks over it, drilled 10,000 shafts 3,600 ft. deep to tap the subterranean flood. As the oil spouted through 10,000 pinholes in the earth's crust it greased the skids of oil prices. Tighter & tighter the industry drew...
...most producers were to cut production enough to save prices, some refused to be constricted. Some went to law, got injunction after injunction against the proration orders of the Texas Railroad Commission. While the courts were voiding orders and the Commission making new ones, the rough & tumble crowd in East Texas took other means. They constructed secret pipe connections, they enlarged valves, to ''steal their own oil." Mr. Holmes estimated that 75,000,000 bbl. of "hot" oil were taken out illegally in 15 months-nearly half of it in Texas. Early in April the output...
...agitated state of the oil business was otherwise illustrated last week: ¶ Socony-Vacuum omitted its 10? quarterly dividend, cut salaries 10%. ¶ Standard Oil of California cut its 30? quarterly dividend in half and cut salaries. ¶ Oil prices in the East Texas field were upped by some companies from the 10? a bbl. of the week before to 25? a bbl., but at the same time they cut prices in other fields of Texas and neighboring States from around...
...looked to Washington. With chaos, caused by Texas, looming, Governors Murray of Oklahoma and Landon of Kansas met in Oklahoma City and sent emissaries to Washington to help draft a bill which would make Secretary of the Interior Ickes virtual dictator over their industry with power to bring the East Texas or any other field into line. Wirt Franklin, president of the Independent Petroleum Association, turned up in Washington from Oklahoma and declared that "not only every oil State but every element in the oil industry, including factions which have rarely agreed on anything" were willing to hand the President...