The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-04-18
OH. MARKET QUOTATIONS,
A Tariff on oil

,Fr5a a speech by. w ~ Gray at rnds-
FUrsceing the rising tide OF pro
dur,0u in the United States and
Mexico, as early as last summer. and
appreclating the crisis which was
growing over nearer, for both the
produccr and refinor I'm the United
states. / addressed a letter to the
secretary Of the Petroleum institute.
,D which | suggested that the insti .
into take steps TO ascertain from
the lrgo buyers OF crude whether
or not they feel in their judgment,
shat the producers OF crude may cx-
pect any price increase in the near
future which would justify the pro-
dua.r maintaining or increasing his
present drilling program, and thar
this opinion be given to the mem
h.fs of the institute"
on November 90, 1920, Nfr.
W,l.h. the secretary and counsel OF
the stitute. replying 20 this COM
uun.uation, stated that it would be
impossible for him to comply with
this request. "becausc TO do 80 would
Boz 10 violate one OF the fundamental
principles underlying the founda-
lion Of the institute and the conduct
Of lts affairs, l. oe., that tho insti-
tutc shall not have anything to do
with the subject OF prices I'm such n
way az might lead anyone TO the
conclusion that there was an intent.
directly or indirectly, to control
them. either through the institute
or through the operation Of any OF
its committees"
on November 49, the annual
meeting Of the American Petroleum
institute was held at Washington
q. c.. and the various representa-
tiycs of tho large buyers Of crude
made substantial reply 70 my letter
10 the institute, advising all opera
tors 10 keep the drill running. fore
casting shortage OF crude. Let US
examine these in detail.
Mr.. w G. Teagle president Of
'he Standard OH company. New
Jersey addressing the institute,
upon the "World Petroleum Prom
lem" said in part:
III the matter OF ample potro-
Icum supplies IL not the world prob
lem today, It must at least be in
rudcd among the few really bis
questions on which thinking men
the world over are spending a good
deal Of energy.
THE average increase in the
world consumption in the past de-
cade has run at about II per cent
per annum. No matter what pro-
dlgious labors the producers per-
form. the world still clamors for
more oil to meet it's Unsuitable hun
ger. who would have ventured 70
predict Just few years back that
the United states alone could alb
sorb. IN addition TO its own greatly
augmented production, 120,oOO,O0e
barrels Of petroleum In a single year
from an outside source OF supply?
Yet that Is what It has done this
year and the rcfiners can take a
larger quantity from Mexico in 1927
without injurinE the market for the
higher grade domestic production.
80 more striking indication OF
the growth Of demand could be de-
sired than the manner IN which this
huge output from Mexico has been
swallowed up. largely in new mar
kct. without disturbing IN the slight
est degree conditions I'm the older
producing fields here. II is a con-
servatiyc estimate that the world
consumption, which in 1910 was
527.OO0.O0O barrels, and this year is
using $4,000, 600 barrels. Will call
for close TO 100000 1000 barrels In
1921"
Mr.. Bradford. I'm a statement is
sued IN California regarding the oil
situation, said, In speaking Of the
requirements Of the oil industry and