Word: oilmen
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TURKISH OIL FIND near Adana by Socony Mobil yielded biggest flow (240 bbl. a day), best quality oil yet found in Turkey. The gusher rouses hopes that oilmen have struck edge of vast reservoir whose oil might end a major import drain on Turkish economy...
Texas-where oilmen are wrangling about new ways to make oil wells good to the last drop; see BUSINESS, Texas Makes Up Its Mind...
...keep the world oil glut from getting any worse, the Texas Railroad Commission-overseer of one-third of the U.S. output-rigidly limits the production of regular (i.e., primary-recovery) wells. But as part of its long-range campaign to spur oilmen to go after oil otherwise left behind, the commission grants unlimited production of secondary-recovery wells. These are wells in fields where the underground pressure that normally drives up the oil is exhausted and the oil can be brought up only by other means...
...Texas oilmen are now wrangling over the future of unlimited secondary production. What sparked the dispute is the plan of some secondary-recovery oilmen to start operations in the giant Spraberry Trend-the largest field they have yet tackled. This scares some of Texas' biggest oilmen who are engaged principally in primary production. Having heard the arguments of both sides, the Railroad Commission last week was trying to make up its mind. Best bet is that the commission will place limits on secondary production, too, but make them generous. "It gives them incentive," says William J. Murray...
Rights of Parents. When it came time for the defense, the oilmen did not even bother to present a formal defense. Said Jersey Standard Lawyer Hugh Cox: Humble and Jersey had indeed discussed prices. "But where's the price fixing in that? Jersey Standard is a holding company-it has no prices. No court has held that parents can't discuss and agree on prices. A decision that this was in violation of the law would affect hundreds and perhaps thousands of firms. A drastic reorganization of the structure of business would result." The lawyers...