The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-11-19
EXPERTS DECLARE THE WORLDS
~: SUPPLY Of OIL NOT NEAR END

WASHINGTON. Nov. 1S--An oil produc-
tiun sufficient 10 supply the world lor
several generations at least, was lore
cast today at the annual meeting mere
Of the American pctruleumh Institute.
Henry l.. poherty. Of New YORK: H.
Il. BENSON. president of the tewatcr
Oil company. and Thomas y. q 1ohnri1'
of Los Angeles. pres dcnt OF thc lhsti-
tutc, declared that the petroleum re-
sources III the world were nowhere near
exhaustion.
Mr.. O'Donncll. however. attacked III"
navy department for it's seizure or Oh
stocks on the lacitr coast. PRODUCERS
there, he said. feel that the navy de
partment has not heen fair" and added:
I'VE believe this 10 be due 10 the eN-
treme prejudice Of the head OF the ue-
Against o. S. Regulation
Mr.. O'Dunnell and MIR. DuhGrty both
declared that government regulation OF
the petroleum industry was llKc!E 10
jropardize the worlds future oil supply
by diScouraginS Development vl lie"
fields.
What the petroleum business needs
is ASSURANCE that it can proceed with
tho development Of new sources Oh sup
ply" Mr.. Doh"rty declared, IN Cor.
petitiv- and non restricted manner GOV
crnmcut regulation and mrddllng VIII
check the initiative Of oil computes re-
sultinr in restricted output.
Mr.. Dohcrty predicted there would ne
sufficient gasoline Tor all automot!Nt 70
uuirrmcntS to come. He said SciehtiStS
undoubtedly would discover new tu".
extracts. but was Of the opinion 'h"f
the probability Of finding an artiilcl2'
SubStitut" FOR petroleum was remote.
Can't Be Monopolized
Tho immense capital needed for d,N-
clnpment of new oil fields prrcludeS the
possibility of the petroleum industry
becoming 4 monopoly. the speaker said.
More money, he continued, Is beng
spent in the production of on th:Lh Is
earned by producing properties. Be-
tween 1917 and 1919, tn" amount of cap
it;l invested n 2jU American OIL COM
pauieS, the speaker said, exceeded the
dividends paid by these companies ny
nearly "$?UU. N00, 900"
Mr.. O'Donncll added that the attitude
of the navy department toward iAc!lic
coast producers coupled with agitation
for government Investigation OF the m
duStry nearly always by men not lam
liar with the subject and frequently
with prr-runCriNrd prejudice. has hhd
L destructive influence on the develop
ment of petroleum resources ON the
Pacific coast
The SI"gkrr urged that all govern
mcntS adhere 20 tho open door" policy,
following; i Tree opportunity for every
body from everywhere" tu participate
in tho necessary oil development
Mr.. Benson expressed belief that huge
amounts Of iStroleum were yet TO lie
tlStONtTptl on inc AlIlcllS>hl N'4I' ''i'rtiN'
particularly IN the West. Canada and III
South America.
Relentless Competition
Addressing the institute tonight. Nd
mr7tl Benson, chairman Of The shipping
board. declared that American shipping
was facing The most relentless and
sliiling competition" from foreign coun-
trsr but had 4 gr<aL advantage in its
a.. burning nect. ScEcnty-hTe per cent
Of american ships now burn oil for
tuel. he said. while only fifteen per cent
of foreign ships are oil burners.
Establishment OF foreign bunker sta
lions, Admiral Benson said, had enabled
the shipping board to meet three
fourths Of its foreign oil requirements
at saving Of millions Of dollars 4
year.
Il. V. Pcsquiera. representative in
Washington Of the provisional MeNi-
can government. will address the in
stitute tomorrow. He asked for an OPP
portun!ty to present the Mexican view
in reply t. Frederic l.. Kellogg. counsel
Of the Mexican Petroleum Corporation.
who last night night declared that the
government OF Mexico in the past had
!nrringcd on the rights Of American oil
companies. after inviting them to dcv-
elop the petroleum resources of the
country.