Word: oil
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Dates: during 1940-1949
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Disarming Witness. When his nomination for a third five-year term on FPC came up for discussion in a Senate subcommittee last week, Senators from the oil states dusted off some of Olds's old clippings. The subcommittee "discovered" them with righteous horror, although the same stories had been aired on the Senate floor five years earlier. Olds, a plain-featured man with jutting ears and a smooth manner of speech, testified that he had written as he did "because I believed radical writing was needed in the 'golden '20s' to shock the American people...
...position of the UMW was not as strong as it had hoped, since summer demand for coal had dropped considerably, negating the effect of the three-day week. Early last week, the anthracite miners ended their sympathy strike, perhaps to persuade their home-heating customers not to switch to oil. Next day, the 22,000 soft coal miners west of the Mississippi returned to their jobs...
Black Gold. Near Wichita Falls, Tex., Gene Autry's sixth well, begun a fortnight ago, had come in handsomely. The drillers had struck oil at 5,000 ft. The well gushed 1,200 barrels the first day, settled down to a tidy daily flow of 1,000 barrels. (Autry owns equal shares in the claim with two Texas wildcatters.) Last week drillers started a seventh well, planned to drill some 20 more on Autry's property...
...began drilling two more. Near by, Don Ameche, who had leased 21,600 acres with three Chicago partners, had put up $200,000 to sink a wildcat. Just east of the small town of Rotan, Tex., where he had leased 1,500 acres, Randolph Scott and his partner found oil sands at 5,700 ft., hoped to be producing "within three weeks...
...Actor Dennis O'Keefe and several oilmen recently sank $194,000 into a 10,500-ft. dry well near Inglewood, Calif. Even those who had made strikes would not necessarily turn them into profits; they still had the problem of operating the well and marketing the oil. As one California oilman put it: "I can give you an oil well which is actually producing a good amount of oil, and bet you'll go broke if you don't know what you're doing. The stars . . . don't know enough about the business...