The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-04-18

the necessity Of keeping the drill
"Our position in this mos, csser-
tial industry Is not nearly so secure
as It ought 20 hc. 1t Is estimated bv
the United states geological survey
that OF all the oil originally under
lylng the surface Of tho ground in
thls country moro than 40 per cent
mas now been produced ana con-
sumed. We are today and for a
long time past. havo been consunt-
Ing moro petroleum than We pro-
duce, There is above ground in tho
United Statos reserve stocks sufr-
cient for only three months needs
ana We are slowly eating into this
slender margin or safety by our
daily drafts TO make up tho differ.
once between production. plus i'm
ports. and refinery Consumption.
We imported from Mexico last year
100000 barrels Of all; we ought
20 get about SO.oOO.0OO barrels I'm
1920 in spite OF the salt water in
.trusion and political difficulties.
but we nocd considerably more than
that We produced last year some
375,000,000 barrels of oil We need
this year $4,000. 600 barrels more
than the total Of our own produc-
tion and imports in 1919.
Five years from now we will re-
quire $50. 100000 barrels. or an in
crease OF 220.0OO.OOO barrels over
last year. Not only must We prose
cute drilling operation in the United
states more vigorously but we must
materially add to our imports from
other countries 10 keep abreast OF
the demand that ga upon us today"
Mr.. Mark Requa, former fuel ad-
ministrator said
should We double the output this
year, the net result would be merely
to double tho range Of requirements
depending upon petroleum"
From such eminent men as theFc,
men who stood at the head Of tho
greatest oil industries in the United
states the buying agencies the pro-
ducer who was reading this propa-
ganda had a right to believe that
he was justified I'm going ahead and
drilling to the limit Of his ability and
capital Personally I did not be-
lieve that the drilling campaign
was warranted one day after August
Personally | did not drill n single
well after July that ! was not COM
pcllcd TO drill by virtue Of some COM
tract made at a previous date or by
virtue OF some offset well which
had to bC taken care OF However,
the great majority Of producers do
not maintain any statistical bureau,
do not follow the statistical condi-
tions of the oil business very close
", and depend upon the advice OF
the men high up in the business.
Every agency Of the Standard on
company and the large individual
marketing companies, werc engaged
throughout the spring and summer
OF 1920 in propaganda work to get
the producer to increase his drill
ing operations. The world was told
that there was a tremendous short
age in oil. Rationing was even
talked Of. II does seem. however,
that in that period Of time between
August and December, some warm
ing should have been given OF the
impending danger rather than state
mcnts such as were made at the
Petroleum institute in November,
Undoubtedly at the very time the
Petroleum institute was in session,
the decks of the Standard oil We're
being cleared for action. pipe line
men. with the ability. sagacity and
experience Of James O'Neal presi-
dent and directing head of the great
midcontincnt pipe line system sup
plving tho Standard Oil company
undoubtedly knew in the early part
Of November, or perhaps prior 10
that time, that there was disaster
impending and the brakes should be
put on.
ITO he continued)