Word: petroleum
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Dates: during 1920-1929
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Wearing to a close in Los Angeles was the suit of the Government to recover the Elk Hills Naval Oil Reserve, leased to the Pan-American Petroleum & Transport Co. of Edward L. Doheny. Almost a year since the scandal began to brew, it is still sputtering?the Government trying to cancel the lease and make void the contract whereby the Doheny company tapped the California reserve and paid its royalties in tankage constructed for the Government at the Pearl Harbor naval base, Hawaii...
...Fall, in a spirit commonly described as mischievous, to Edward L. Doheny and Harry F. Sinclair, oil merchants. Last week, Judge Paul J. McCormick mounted his U. S. District Court bench in the Federal Building at Los Angeles, and listened to the beginnings of US. v. the Pan-American Petroleum & Transport Co. (dominated by Mr. Doheny). There came before him: Lawyer Owen J. Roberts, for the plaintiff, who said he would show that the leases constituted a scheme between Messrs. Fall and Doheny, furtively and illegally contrived, and should therefore be canceled. Lawyer Frank J. Hogan, for the Doheny interests...
...Teagle stated that, under existing conditions, gasoline could be obtained more cheaply in many cases from fuel oil than from crude petroleum. But fuel oil has been so extensively taken up of late that it is now sold in direct competition with coal. In consequence, the going price of fuel oil depends to a considerable extent on the current price for coal. From this it follows that the price of gasoline, too, depends somewhat on coal prices...
...Teagle pointed out that our reserves of coal are greater and more certain than our reserves of petroleum, and that for this reason coal prices were more apt to affect oil prices than vice versa...
...mutually agreeable understanding for protection, in proposed oil legislation to regulate Constitutional Article 27, of rights to exploit petroleum deposits under lands acquired prior to the inception of the 1917 Constitution on which the owners or lessors had not previously undertaken or made contracts for petroleum exploration, nor manifested intention...