The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-07-24
IN THE OIL FIELDS
office saai, Residence s4u W. IL PECK. r.. sss
r. o. Boz sss.

! company when they met in tho clos
. Ing days OF June, suffering from n
/ bad case of cold fcet and strained
/ nerves. Just few days before tha
/ long-cxpcctod brcak in Mexican
/ production WAS 10 occur. break
/ which was 10 mark an epoch In the
/ history OF tho petroleum industry,
d the turning point in production In
both this country and Mexico down
/ ward.
I will venture tho prediction that
the month Of juno will probably
record tho high mark Of production
in Mexico FOR many years 20 come.
and tho production for tho Rame
month in tho Continent field
VIII probably mark the high point
for all time, Tho standard on
leaders know that the producing
end nf tho petroleum industry is on
"a firmer basis than It has been for
more than four years, that the po-
tenti1l producing possibilities Of
both this country ana Mexico. and
by this | mean pools in sight Tor
Immediate development. are Ices
than for any similar period for five
years. They know that tho world
is consuming moro oil this year than
any year in It's history. Then why
do they now undertake 10 dcmoroIlz
tho crude OH situation, knowing
na they do that It must and Will
10 some extent. uusottlo the entire
refined htructure2 Simply "A casH
OF lame ducks and cold feet. Too
bad Too bad HAD they stuck
10 their program Tor another month
they might have immortn lizcd thcm-
selves In tho eyes OF tho Nid-Conti-
ncnt producers.
Production Ia tho Md Continent
Field
The price or Mid-Coutlnent cruda
was advanced In last October and
November by rapid stages from one
dollar per barrel TO two dollars per
barrel, at which II remained until
July 10. OF this year. At the time
of tho raiso from ono dollar to two
dollars, the prospects for an over
production IN thig country and for
an enormous production in Mexico
were monacing while at the time
OF the cut this year they had sub
stantially disappeared In both
countries. If this statomenI is true,
then tho cuta of tho last few days
wero camouflage 10 fool the govern
mcnt at the expense OF tho produc-
or. or else Il amounts TO "A dclibcr-
ate, diabollcal and concerted raid
on tho Independent oil producer to
gather "a lot of cheap oil.
Let mo now give you my reaHons
for saying tho outlook for "A decline
In production Is better now than
1t was In October. 1921.
In October Of last year we were
confronted with the problem OF
taking care Of tho great production
at McXia. estimated at tnnt time TO
exceed tho famed Gushing pool, and
tho production did rlso TO $4,000
barrels per day in tho early part of
this year. In addition to this mon
ace. we were told that many like
pools would shortly he opened along
the Balsonian Fault, supposed 90
be the lodostone OF the Mcxla pool.
! Haynesvllle In Louisiana was a pool
In the first stages OF development
In october OF last year, with great
| potential possibilities, ana reached
| the high point OF 100000 barrels pcr
day In the early part OF tnis year
Burbank IN oklahoma was looming
big In October as "a great potential
| producer Of exceptionally high
! grade oil, estimated to reach 100.-
| GOO barrels per day, and did reach
tho peak OF 1900 barrels pcr day
In tho early part OF July OF this
year.
l will not refer to the minor pools
ana extensions which woro In pros
pcct at that time, many OF which
have come and gone since tho peri
| Cd under discussion, nor viii | dis
cuss California and Wyoming which
have never como into competition
with the Continent and Penn
sylvania crude.
What Is tho situation with refer.
orco to the potent possibilities OF
these three states as compared with
October. 1891?
In Texas the great MeXia pool Il
about drilled up, Its production has
declined from the high point tC
about 5000 barrels per day and
tho decline will continue ns there
Ia no more drillable acreage (,
lspeak OF. Premiums are being paid
for this oil. more than one hundreo
wildcat wells located on geological
structure along tho BalCouian Fault
have been completed Rs dry holes
The Haynesville pool In Louisiana
has dropped from 100000 barrels
per day to 5000 barrels per day
the sand is very thin, and the ter
ritory Ia very nearly drilled up
There Ia no other field in LouisIan5
In prospect.
\ The Burbank pool Ia we'll known