Word: oiling
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Dates: during 1920-1929
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Were the Governor-guests ranked around the conference table the way their States ranked in oil-production, the youngest executive would sit at the head. Gov. Dan Moody (lower left on front cover) of Texas is 36. His State recently has been exuding oil at the terrific rate of approximately 780,000 barrels...
Some such plan for the limitation of oil production in western States was expected to be worked out at the meeting of Governors, U. S. officials and leaders of the oil industry called for June 10 at Colorado Springs by President Hoover. The object is to contrive an agreement which will be in restraint of overproduction but not in restraint of trade...
President Hoover established oil conservation as a major policy of his administration when he ordered an end to permits for drilling on Government land, and to renewals of lapsed oil leases (TIME, March 25). This official step encouraged the oil industry, as represented by the American Petroleum Institute, to believe that it had a friend in the White House who would smile upon its own efforts to hold down production. Confronted with an enormous output and low prices, operators agreed among themselves to plug their production for 1929 at the 1928 level. They asked the Federal Oil Conservation Board...
Eleven Governors were called by President Hoover. Seven accepted promptly. Though the oil production of Colorado is comparatively trivial (only about 7,500 barrels per day), that State's Democratic Gov. William H. Adams (centre figure, front cover) was an understanding host to the other executives and oilmen arriving at his State's famed resort. Gov. Adams, now 67, has grown grey and wrinkled in the service of Colorado. For 38 years he was a State Senator...
Next to Gov. Moody, if this order were followed, would sit California's Gov. Clement Calhoun Young. 60, onetime schoolteacher and realtor (lower right, front cover). While oil gushed from his State's fields at the rate of about 769,000 barrels per day, Gov. Young was prepared to tell his conferees something of his State's efforts to limit crude oil and gas production. California has a State Oil Umpire (F. C. Van Diesne) to curtail production. Potential production is estimated by a general engineering committee of the oil operators and from these estimates Umpire...