Word: petroleum
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Dates: during 1920-1929
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...instituted a suit of magnitude. He attacked a monster group-some 50 Standard Oil and other oil companies, charging restraint of trade under the Sherman Anti-Trust Act. He also asked for injunctions to stop alleged illegal procedure. The case was brought in regard to the "cracking" process for petroleum. In refining crude oil, gasoline is taken off by distillation. But on account of the great demand for gasoline, more of it is obtained by subjecting the residue of heavier oil to heat and pressure. Under this pressure, some of the heavier oil "cracks;" that is, breaks up into lighter...
Last year the unexpectedly large production of crude petroleum brought on a crisis in the oil industry by smashing the high prices for crude oil and even for its refined products. Large companies, however, stocked the excess crude oil product, and refineries greatly increased their stocks of gasoline. This policy seemed fairly safe at the time, because of automobile makers' confident predictions of a 5,000,000 car year in 1924 and a consequent heavy increase in gasoline consumption...
...State Geological Department of New York, however, claims to have perfected a new method of extracting the oil remaining in almost exhausted wells. The new system consists of drilling new wells and flooding the oil sands with water. After about a year of this treatment, it is said, the petroleum left in the pockets is forced toward the old well-shafts, and can be pumped out in considerable quantities. New York State owns extensive though run-down oil fields in Allegheny and Cattaraugus Counties; it is estimated that the high grade oil obtainable there through the new flooding process will...
...Royal Dutch-Shell oil combine, greatest competitor of the Standard in the international petroleum field, owns oil properties all over the world. In 1919 the Anglo-Dutch group decided to invade the U. S. field in a large way and purchased 130,869 shares of the Union Oil Co., through its subsidiary, the Shell-Union, for about $21,000,000. This, however, constituted only 26% of Union's stock, and Sir Henri Deterding, head of Royal Dutch, resolved to obtain 51% to control the Company. But several large Union stockholders, alarmed at the foreign invasion, organized the Union...
...have no operating bases in the Pacific that are adequate. The Atlantic bases are better, but are not nearly all adequate. As regards petroleum reserves, we have a deficiency of 68% in the reserves required in the Pacific, i.e., 32% only of the necessary reserves is on hand. The Atlantic reserve deficiencies are still greater. The reserve at Oahu on Jan. 1, 1924, was about 1,759,677 barrels. In a Pacific war, the Navy will use about 70,000,000 barrels during the first year of war." ¶ Following these remarks Mr. Roosevelt concluded: "The Navy is in good...