The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1919-03-30
OIL MARKET QUOTATIONS..
The Chicago Meeting.

with two separate ind distinct
meetings, although ihoro ~ nicely To
ho q merger OF both interests tho
meetings ia Chicago last week wcr"
by FAR tho most important uf any
cony Cntious of oil men ever held.
Thcro was a mpst unanimous Upin'
ion prevailing at the petroleum. con
Eress. made up ~ Independent oil IN
'crosts, To accept the proposition h"ld
forth by tho standard OH, backed M
by NJ L. Nogua. who * generally
credited with being the father ui tho
new petroleum institute.
Tho idea OF this new institute ~
petroleum is bcrt set forh In Mr..
Rcquu'r own words nud approx
ultoly hnlf of his pp"och IH hcr""Iih
gwen. when IT be- taken into Cuu"id
orltion that other papers iike ih'
Chicago Tribune, gave II scarcely
word 20 will be duly appreciated ihht
Tho World ~ making It least - good
effort TO sct the matter plainly h'
fore the oil men by printing 80 murh
as II has done Inv THIS isnu"
Icguh's GrCnirSt I.UUrt--fct rOlcum
n World Problem.
"RoCAuao Of itB paramount iuIpur-
tanCc among raw materials, Wr can
not lnteIligCnily discuss Hctrulrun
without u discussion ~ other world
Problems, fur petroleum hs an Indus
trial problem uf world rlgniticance
outranks ia my judgment AL other
raw materials OF the mineral KING
dom. water alone excepted.
There are four factors or major
Importance that we need to consider
II We arc adoquaiclk to review the
subject:
First. The progress Of tho world
during the past century and half
Second The events ~ the past
five years and the results hccrulng
therefrom.
Third our domestic position ~
affected by the world war,
Fourth program for the petro.
leum industry for tho Immediate fu-
ture. formulated In the light OF do
nestle and world conditions.
"Innction OF "a Petroleum Institute"
The tremendously lncrcN,lnR de-
mands for petroleum. focusing on mn
ever increasing domestic Consump-
ton and calling for an increaRinR
draft upon the oil pools OF Mexico
and South America. create problems
ot the first magnitude that will
crowd forward with growing weight
In tho next few years The pressure
Of these circumstances In view OF
tho extremely intricate character OF
the entire petroleum activity. de-
mand machinery for bringing y
higher degree of scientific oversight
and efficiency into tho industry as "A
whole than II possible under present
conditions. 80 insistent, indeed, is
this necessity conceived to be that
governmental action will ultimately
be forced by the dictates OF clrcum-
stances, II the industry does not an
ticpate tho matter and give to the
situation tho cooperative help that
Ia even now 40 distinctly needed, II
la not without real Significance that
the national petroleum war service
committee, by whose action during
the war direct governmental control
OF the petroleum industry was rem
dered unnecessary, stands sponsor
for the establishment OF petroleum
institute TO serye n similar, and even
more constructive function. In the
period OF industrial development that
lies ahead.
In tho field OF production, In the
field OF refining. and in tho field OF
marketing and foreign trade. pc
troleum institute can render serv-
Ice to tho industry which can he
secured in no other way. Produc-
ton has It's problems that need a