Word: midcontinental
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As catnip for the wildcats, oilmen have a standard recipe: higher oil prices. In San Francisco last week Cities Service Oil President William Alton Jones asserted: "Unquestionably a higher price would increase exploration ... 25? tacked on to the current $1.20 price (midcontinent crude) would stimulate a 20% expansion."
United Air Lines made news last week when it celebrated its 20,000th cross-country flight. On that day all its planes were ceremoniously flown over their scheduled courses by pilots with more than 1,000,000 miles of air experience. Pioneer in long-distance night flying with passengers, United...
¶Under the oil code Texas and Oklahoma last week whittled down their production quotas and Secretary Ickes, hopeful of maintaining the basic Midcontinent price of $1.11 a barrel for crude oil (set three weeks ago), warned producers against cheating under express threat of exercising his "drastic powers." Meanwhile Nature...
Midcontinent Petroleum ..... 10,879 3,987
While this decision will keep Midcontinent production stabilized, there were many oilmen who disagreed with President Reeser's prediction that it will settle U. S. overproduction. Drilling in California is expected to bring in new supplies, and constitutionality of the State Conservation Law (TIME, Oct. 14) is being questioned...