Word: oilmen
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Dates: during 1930-1939
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...Governors have the coal operators determine quotas (as did the Governors of Oklahoma, Texas and Kansas for their oilmen) and discontinue selling below cost, enforcing decisions "by civil and military means." Declare coal a public utility...
Only field affected by Governor Sterling's martial law was the East Texas pool where production before closing ran up to 738,050 bbl. or almost half of the entire Mid-Continent output. With this field pinched out temporarily and the Oklahoma shut-in, oilmen figured a reduction of 40% in the total domestic supply this week. Governor Sterling was expected to lift martial law after 30 days when the Texas Railroad Commission, under the new conservation law, would prorate Texas oil production...
...purchase price by Aug. 1, he would order shut in all the flush wells in the State's 27 great pools. Oil prices, under this threat, climbed to 50? within a week. There they remained as Aug. 1 came and went. When no shut-in order was forthcoming, oilmen opened pipe-line valves at their gushers, started their pumps to get as much of their August quota as possible above ground and catch any price rise. To their charge of bluffing Governor Murray retorted: "I won't be rushed into this. When I'm ready to shoot...
Crude Oil seeped down to new price levels, selling as low as 10? a barrel, with top prices at 22?. Frightened oilmen launched a producers' strike. In Wichita. Kan. independent operators voted to close down about 22,000 wells, declared that prices were under cost of production. In the Oklahoma City field 13 companies with a potential output of more than 2,000,000 barrels daily followed suit...
Died. Edward Thomas Bedford, 82, president of Corn Products Refining Co., oldtime associate of Oilmen John Davison Rockefeller, Col. Henry Huddleston Rogers and Charles Pratt; of heart dis ease; in Green Farms, Conn...