Word: oiling
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Dates: during 1920-1929
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...thought that the little oil men were not too eager for the appointment of a Great Man as Tsar, inasmuch as Great Man's influence, presumably exerted in sympathy with the program of the large oil companies, might give production restriction an irresistible impetus. But where-ever discussion was unofficial and unpublished, delegates to the tenth annual meeting of the American Petroleum Institute talked of Sir Henri Wilhelm August Deterding, of Royal Dutch, of price wars and of invaded territory...
...Henri Deterding is, as everyone knows, head of the Royal Dutch-Shell petroleum interests, largest crude oil producing company in the world. Old in the oil business, veteran of many oil wars, Sir Henri at one time battled, not unsuccessfully, with Standard of New Jersey in its pre-dissolution period. In more recent years he has (despite his non-compromise statement) preferred peace to war, as witness his agreement (in March) with U. S. oil interests concerning the marketing of Russian oil. In April he sat in on an American Petroleum Institute oil restriction program, gave tacit approval...
Having arrived at the convention, Sir Henri made what is reputed to be his first formal speech, talked on "Common Sense in the Oil Industry," said no more about his "no compromise" position. Said he: "The idea that it might be possible that the 'collecting department' [that which supplies the public] could be some Government or combination of buyers who will dictate to the producer the minimum with which he ought to be content so that he may be kept alive, is bound to be shortlived because it is entirely illogical. . . . Do not be led away by the noise...
Production. Aside from Sir Henri and the Shell-Socony war, oilmen were chiefly interested in the perennial problem of overproduction. When 1929 began, there were in storage 625,000,000 barrels of crude oil, representing excess of production over consumption. Production during 1929 totaled about 200,000 barrels a day over consumption, so that at the end of the third quarter the 600,000,000 barrel excess had increased to 675,000,000 barrels, or about enough for eight months consumption. During 1928 oil wells produced about 900,000,000 barrels; during 1929 the production will reach an even billion...
...other hand, although the government failed to endorse the American Petroleum Institute's national program of oil restriction, oilmen have made marked progress through state-by-state restriction agreements. There is no overproduction problem in Pennsylvania fields; Texas oilmen have on the whole cooperated enthusiastically with the restriction plan; encouraging progress has been made in the Mid-Continent (Oklahoma) fields. California, however, is the crucial point. California increased its production 40% in 1929 and now produces 30% of the U. S. output. Last summer the California legislature passed the Lyon Act, a measure ostensibly designed to prevent wastage of natural...