Word: tidelands
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...tideland oil fight currently raging in the Capitol has become a gigantic political card game. The deck includes the biggest lobbies in Congressional history, divergent social philosophies, charges of thievery and corruption, and numerous side issues. the stakes are oil, currently the nation's most important natural resource. Peacetime use of oil has steadily increased, creating an unexpected and unfilled post-war demand, and its wartime value has made the possession of large oil reserves a modern prerequisite of modern warfare...
...Tideland Oil problem started with the discovery of off-shore oil deposits in California at the turn of the century. Not much was done with this discovery until the end of the twenties. Large-scale development of the area began in 1933 with the perfection of directional drilling, which allowed the necessary machinery to be on land. By 1947, California was receiving nearly $4 million in annual royalties from its off-shore oil. The importance of Tideland Oil has greatly increased with the more recent prospecting in the Gulf of Mexico off the Texas and Louisiana coasts. Over...
Ownership of tidelands oil was originally regarded to reside in the States. A long history of Supreme Court decisions had affirmed in strong language that the States controlled the tidelands. In 1933, when prospectors applied to the Interior Department for federal leases to tideland oil deposits, Harold Ickes said, "Title to the soil under the ocean within the three-mile limit is in the State of California, and the land may not be appropriated except by authority of the State...
...decision said that the United States possesses "paramount rights in and full dominion and power over" the lands under consideration. The Court further stated that the "State of California has no title thereto or property interest therein." The reasoning behind the majority decision was that former decisions referred to tidelands, and the strict definition of tidelands is the land covered by the ebb and flow of the tides. No court ruling had ever been made covering the area between this tideland definitely owned by the states and the three-mile limit claimed by the United States...
Last week from Pittsburgh, where Mike runs his scattered ventures from the Benedum-Trees skyscraper, came word of a still newer Benedum venture. His recently formed Melben Oil Co., which had spent $1,000,000 exploring for oil along Texas' coast, leased 120,480 acres of tideland area from Texas for $1,383,467. From a specially equipped $500,000 float, Mike Benedum will soon start drilling under the Gulf of Mexico...