The Greeneville daily sun. (Greeneville, Tenn.) 1918-1920, 1919-12-11
Opportunity For
u. S. Capital In
Balkan Oil
By EDWARD ]. BING

| NOhlVeu freSS OLaH correspondent.
| VIENNA. (By Mail. i'm view o.
the general shortage of coal here, tn,
question Of the production Of other
fuel has again become extremely i'm.
portant. Special attention in finan.
cial circles is being paid to oil and pc
troleum which Eastern Europe used
to produce in abundance.
The expectation and the equal and
judicious distribution of the mate
rial, however, is rendered particular
ly difficult today by the exceptionally
/ grave political situation of the pro-
ducing countries as well as by the de-
vastations of which this territory was
the theatre. This refers above all
to the oil wells of Galicia and Rouma-
mia, while the oil occurrences at Paku,
on the Caspian Sea, and Kefkuk-
Chanikin still deserve the greatest
attention in the Far East. The ex-
traordinary abundance of the latter'a
products was one of the principal
reasons why the British Naval Craft
was reconstructed for oil heating.
While the petroleum and oil pro-
duction of Asia is more or less in
British hands already, there ought
to be good opportunity for the in
vestment Of American capital in Gal
icia and Roumania. American BUSH
ness interests, however, must be
aware of the fact that one Of the
most urgent and indispensable tasks
in regard to rational exploitation of
the oil wells in that part of the world
will be their reconstruction, aiming
at bringing about the pre-war stand
ard of production. While the output
of mineral oil in Galicia--which CEN
tered in Drohobycz and the neighbour
ing territories--was very great in
normal times, considerable number
Of wells have been choked and devas
tated during the course of the numer-
Gus battles which took place there
between the Russians and the Aus
TRANS; even after the armistice and
right now this territory is the subject
of dispute between the Poles and the
Ukrainians; the wells are partly in
British and partly in American hands.
As to the Roumanian oil wells,
considerable part of these is not now
order, which is chiefly due
to the military measures taken by
the allies at the time of the German
advance in Roumania Although |
General Falkenhayn's experts devot-
ed particular attention to the recon,
struction Of the destructed wells,
their work was crowned with limited
success, and it will take long period |
Of systematic work to raise the Rou1
manian oil fields again to their pre-
war Importance. The Rumanian gov
eminent is trying hard to achieve re-
suits in this respect and is reported to
nave lately concluded convention
With the Austrian government where
by they are to supply the Austrians
With petroleum and other material
If primary necessity in exchange for
Industrial products.
There is an exceptional opportuni-
y at the present time for American
apital to take an increased active in
crest in the oil production of East
,rn Europe; an activity of this kind
IN the part Of the United States
would be very much facilitated, first,
~ the exceptionally favorable rates
f exchange for American coinage in
hose countries, and second, by the
marked readiness of the peoples and
governments concerned to cooperate
With America and to profit of her eff
cient business organization.
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