The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-24

WriDhtsmdn GiueS VieWs on
on Situation

Ing our heads or, - 60 hpenit. -
nov plainly apparent 90 eNets asu-
sible persur.' aald Chatlss J.
WrlghtAmnn yestrrdny. IN com fncul.
ins ON ihs present production sltua-
non, The present oh situation. due
20 OvcrproiuctiOn caused by tho
needless starting OF ucWSPeUa. their
unnecessary hho0ilug M Eluttod
market constitutes an ecurumic
menace to the Industry which viii
only bs removed when these bod
practices bv over. greedy operators
0cnsc. II IL incumptehenhiblo that
many are anxious TO develop their
l"sscs % al unfavnrsbls market.
when hI !hs rrouIiings fntansAr-
hnos OF few months much better
market VII be afforded the OIL pro-
duoer Tho oattls,nan would not
tnink nf rushing 20 market hin lshu
and Impoverished oAttis unless com
pslisd by bankruptcy 10 do a.. but
many an opul.nt oil producer SIN
thinks In bouynnt dreams instead ~
acting ou ihs principles ot concrete
business sense In drilling regardless
OF economic oonssquanceS to him.
"By srossly overdrllllug, tho ain
committed al Briatow, Hurbant and
elSowhete. vs isprcss the market In.
steal os supporting II and afford
to oKair Gu, the price OF oil.
VERY unfortunately tho potio.
isum iudusiry hhs greatly suffered
from thht srloymeu; of an additional
foreign usrkot outlet because ~
world vide economic chaos ana ,s-
pe,iaiiy viii now suffer q further de-
lay IN securing a commanding mar.
kct opportunity In Europe. whose
manufactured products due To our
feptshenEihle high 'ariN laws can
not - exchanged for American gold,
which IN turn Europe might use fof
the plrchnse OF our petroleum
products. This II not n theory. bu.
mn obvious t1ct from which com
ulalnt l. heard almost CNpryw hero
except IN the manufacturing ais.
trirtv. whorr nvatlco ana sruFeicss
Erccd hove prevailed against pollti-
cal Wisdom.
business Growing Bc,tcr.
'iiu' tho world w slowly and grad.
ua,ly. 'r u commercial sense. grow
ms Porter. IN tho early summdr
'h"re VIII bN 2 great Improvement IN
10" welfare both nr producers and
r"fInsrs. dnl'ss indeed the pruduc-
ers persist I'm continuing Ia give
their products away. no to speak. re-
grri'"sT ~ the cost of the average
well production tho criterion OF
ec"nom,c rsuuircmcnt.
rAo OIL industry. ne any other
business, must have It's sctbuCks.
The frrmcr experiences his dToutha.
the rAttlcmnn the foot and mouth
disease and the oil producer mem
tai nilment at times epidemic, in
the hc'icf that every test will bc
glvhcr.
But tho oil producer. instead ~
the munger realizes tho Importance
of storing his oil IN tho ground ns
q first confederation, In tanks sec
ondly, and ns last rcsort to half
give It away tu the pipelines when
the market IL gtngnRnt and sick
Tho time VIII soon be here when
greet dc0rth or oil will occur,
when domestic demand viii greatly
exceed native production. The pro-
huccr who meanwhile pECertnins the
location of valuable property win
find the tremendous profits In his
favor. to sell his oil subsequently
at 81 and 81 a barrol instead OF
running Il now, A. q matter OF fact.
America alone, with her untold
riches. can absorb reasonable
amount NJ her own production with
good profit TO the producer. but n
the latter overdcvclop, temporarily
beyond the local market Cunsump.
tion. the producers viii he merely
playing into the hands ana sagacity
OF the big boys who can both tank
oil ana reduce the price,
tncnt Teapot Dome.
with the mlstlt. nonCo-operativc.
inconsistent attitude of many pro-
daccrs u Is exceptionally happy that
Teapot Dome, with It's hundreds
OF millions VI barrels OF reserve
crude has lodged under the control
of one great company, instead o.
being owned In town-lot and other
si"c~ area lay would-bc oil men.
plunGcrs, gushcr-chascrs ana wild
eyed promoters. In this allusion !
hove no criticism against the sturdy
cN"crlcnccd independent producers
WHO greatly dcplorc the present
ruthiossncss OF the ovcrdcVelupmCut
menace. Teapot Dome with it's
giant control viii not menace tho
market hut In an probability will
stabilize II hy drilling only as reQul.
sltc m rrkct cond ,tluus may induce
the additional development Of oil at
a profitable ana better prcc--thc
hcttcr the prlce the greater the
rrott In this comment l do not
approve the action of the govern
mcnt In giving away tremendous
bonus fortune as against the COM
mon righis nf the public generally
tp enjoy equal governmental favor
under competitive bidding Tho
government is deserving OF drastic
consure foe Ms misconduct iu this
matter but the recipient ut its favor
IL possibly oulv mmon, Ike tho rest
NJ us. no 1cceptiur "A benefit without
tropSEI essiou OF law. incidentally we
lu 4 10 ward with broad hope that
This great possession VIII not serve
10 the dotFiment ana ruin OF indie
Ucudcut producers generally These