Word: petroleum
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Dates: during 1930-1939
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...International Petroleum Exposition in Tulsa, Okla., Franks Manufacturing Corp. put on display a new, aluminum-colored, portable rotary drilling rig which can be mounted on an automobile trailer. It attracted little attention. Just to have something to do, attendants started up the rig and began to drill. At 540 feet they struck oil. In some confusion they capped the hole. Tulsa County, which holds mineral rights underneath the exposition, indicated that it would be willing to receive offers...
...Sharpened its vigil against monopoly in the oil industry. A 1935 law stipulates that no one operator, individual or corporation may hold more than 2,560 acres of oil land in any one petroleum structure or 7,680 acres in any one State. Big companies have dominated more territory than this, however, through prospecting permits and operating contracts with prospectors. Last week Secretary of the Interior Ickes ruled that the companies must include such territory in their list of holdings and (he total must cleave to the law. Object: to keep down overproduction, give wider scope to the small independents...
...Boggs's ultimatum would have attracted no attention. But oil is the only important U. S. business which in the last year has withstood Depression, and producers felt it was too good to last. More important still-despite increasing demand, proration figures have unquestionably been too high. The Petroleum Institute in April stated that 2,600,000 barrels a day (except for California, which has no proration laws) would be about right. The States east of California have actually been producing almost 2,700,000 barrels. As a result, refineries have built up immense inventories- 92,000,000 barrels...
...March 1937 petroleum exports totaled $23,357,000; in March 1938 war demand had upped this...
...Petroleum...