New-York tribune., 1920-11-19
Enough Oil to
Last for Years,
Say Producers
Known Petroleum Deposits
Will Supply the World
for Several Generations;
Many Fields Untouched
Daniels Action Criticized
Interference on the Pacific
Coast May Check Output;
Oppose L. S. Meddling

WASHINGTON, Nov. 1s.-Sufficient
ii 70 supply the world for several
rsnsrstions at least exists, in the opin-
=, Of producers who are in this city
st.ending the annual meeting of the
american Petroleum Institute. Henry
+ poherty, Of New York; Thomas A.
oponnell, Of Los Angeles, president
- the institute. and +. B. Benson,
,,esident OF the Tidewater Oil Com
,.nv declared that the petroleum re-
sources Of the world were no where
rear exhaustion.
Mr.. ODonnell, however, attacked the
Navy Department for its seizure Of oil
s,ocks on the Pacific Coast. Producers
,ssre. he said, feel that the Navy De-
par,ment has not been fair, and added:
eve believe this to be due to the
.++reme prejudice of the head of the
department.
Mr. ODounell and Mr.. Doherty both
asciared that government regulation
1.-THE petroleum industry was likely to
;sopardize the worlds future oil sup
,lv by discouragins deelopment of new
aeids.
L. S. Meddling Will Check Output
What the petroleum business needs
IS assurance that it can proceed in the
seve.opment Of new sources of supply"
vr Doher.v declared, "in q competitive
sud non-restricted manner. Govern
sent regulation and meddline will
cheek the initiative of oil companies
.ssulting IN 2 restricted output
Mr. Doherty predicted there would
ts sufficient gasoline for all automo-
tive requirements for generations to
s,me. He SAID scientists undoubtedly
would discover new fuel extracts. but
re was Of the opinion that the prob
sbility OF finding an artificial substi
ute for petroleum was remote.
The immense capital needed for de-
geopment Of new oil fields precludes
the possibility of the petroleum in
dustry becoming a monopoly, the
speaker said. More money, he contin-
aed, is being spent IN the production
Of oil than Is earned by producing
properties Between 1912 and 1919 the
AMOUNT Of capital invested in 250
American oil companies. the speaker
said, exceeded the dividends paid by
these companies by nearly 100000, 600
Mr. ODonnell declared that the atti-
iade Of the Navy Department toward
Pacific Coast producers. coupled with
agitation for government investigation
Of the industry NEARLY always by men
Tot familiar with the subject and fre
quanty with preconceived prejudice,
has had d destructive influence on the
dsgel-pment Of petroleum resources on
the Pacific Coast"
The speaker urged that all govern
ments adhere 70 the "open door, policy,
allowing d free opportunity for every
body from everywhere" TO participate
IN the necessary oil development.
Much Petroleum on Continent
Mr.. Benson expressed belief that huge
amounts OF petroleum we're yet TO be
discovered on the American continent,
particularly in the West, Canada and
IN South America.
Addressing the institute tonight, Ad-
mlral Benson. chairman Of the Ship
ping Board. declared that American
shpping was facing the most unre-
lentIng and sitting competition" from
foreign countries, but had great ad
vantage in its oil burning feet Seventy
ne per cent Of American ships now
burn oil for fuel. ne said, while only 10
per cent Of foreign ships are oil burn
els.
Establishment Of foreign bunker sta
tons, Admiral Benson said. had en-
aoled the Shipping Board to meet three
icurths Of It's foreign oil requirements
al saving Of millions of dollars
year