Word: oilmen
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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...
...announce that one of the giant's pains has been partially, temporarily, deadened. For Standard Oil Co. of Indiana finally agreed that for 90 days it will curtail its Venezuela production and imports by 23%. This compares to a 25% reduction by Royal Dutch-Shell. Although independent oilmen have wanted a total embargo or at least a tariff, this voluntary partial curtailment of imports was welcomed by them. Coming a week before the meeting of the Federal Oil Conservation Board, it will give that body something concrete to work upon, said Secretary Wilbur...
...laws provide that the owner of a pipe line must buy all oil offered, whereas for shipment by rail a company needs buy only what it wishes. Perhaps an additional reason was the rumor that oil in this prodigious new field is coming in at increasingly high temperatures. To oilmen, that is a dire warning of water's approach, boom...
Embargo, When Oil was not placed in the new Tariff Act last Spring, observers said that independent oilmen had shot their bolt. But the independents were not defeated so easily. Every time they have gathered, their cry of "Stop those imports!" has been more and more determined...