Word: oilmen
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Dates: during 1920-1929
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...marketing of Russian oil. In April he sat in on an American Petroleum Institute oil restriction program, gave tacit approval to U. S. attempts at oil rationalization. But the restriction program, in its nation-wide aspect at least, fell through, and in August Sir Henri suddenly shocked U. S. oilmen, particularly the Standard Oil Company of New York, with an invasion of Socony's own territory. Throughout New England, and in and around New York, appeared filling stations selling Shell gasoline. Marketed by Shell Union Oil Corp., which, although a Royal-Dutch-Shell subsidiary, is third largest...
...done? . . . My advice is: Let us create 'an association of cooperation' on the basis of possibility of permanent production with the assistance of such distributing organizations as are willing to cooperate, and do not let us worry about those who will not do so." U. S. oilmen, pondering this last pearl of wisdom from the Shell, wondered how much of Sir Henri's U. S. activity was designed to strengthen his international position...
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...
...Standard of New Jersey (A. C. Bedford was moved up to the board chairmanship) to repeat his successes in Wartime expansion. In 1927 he supervised the reorganization of Standard of New Jersey from an operating company to its present holding company status. He was one of the first oilmen to foresee the necessity of restricting the oil output and was a pioneer exponent of the present conservation program...