The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-01-19
NNmnICNs on srrrLY.

iN' .I'l H.lI'N E'hlbHI'tl NNIN'N naN llH
tcmcrlty TO assert that the oil supply of the
United States win not lnst longer than 90
years; that there remains In natural storage not
more than 5000 900 600 barrels \ rrcsentment
concurred IN by most private authorities.
While no ntsllisen; human being win accept
such report as anything moro than mere
academic speculation in statistics. the fact that
It is given out under the dignity OF federal
bureau and S acceptable to the large oil fac
tors Of Ametca, calls for some consideration Of
the responsibility which rests on tho control
ling factors OF the oil industry in their relation
to the public In general and the oil producers Of
the nation In particular.
II is the Judgment Of the controlling factors
IN the petroleum industry that tho available
supply has been charted gauged ana measured.
and thus found inadequate for the nations
needs beyond two decades then what Is to be
sald concerning the responsibility of these con-
trolling factors with reference to price7 How
Is the continued disturbance to oil values con-
soquent upon price juggling TO be justifed9
II has been accepted automatic that the
petroleum Industry peculiarly loaned itself to
monopoilstlc control because OF the nature OF
the Industry and the necessity for some great
stabilizng Influence Many have found II agree
able to their Judgment TO justify ths monopolls-
tic influences and tendencies not because such
practices were theoretically acceptable or even
tolerablc, but because single controlling lnflu-
ence in petroleum seemed to be beneficial by
But II at tho moment when all values In the
oil sections are trembling before what appears
to bo threai Of further price recessions. justi-
fled by these controlling influences on the
ground that too much oil Is being produced the
scientists OF the industry are finding that n
petroleum famine is only two decades distant.
the public temper is very apt to suddenly give
way and react fully to the Of, suggested prop
osition that national self interest AS well as
equity requires that the government itself take
charge OF 80 vital an industry and relieve private
interests unwilling to accept their obligations
from the further opportunity to exploit the state
and It's private citizens
II cannot be forgotten that only a few weeks
prior to the tragic recession In oil values fol-
lowing the general downward trend OF com.
modify prices in 1920. a large meeting Of tho
most prominent figures in tho petroleum In
dustry foregatherod In the national capital for
the purpose OF discussing the then existing CON
ditons OF the industry, At that meeting speaker
after speaker proclaimed It to be a fact that
the world faced a petroleum famine; that do
new flelda were speedily discovered world In
dustry would face the necessity of readiusting
itself because there would no longer be tho
means Of supplying either mineral oil fuel or
lubricant.
And almost before these brilliant gentlemen
HID returned to their homes directly in the
face OF tho picture they had drawn. which
should have given greater security to every oil
value, the price OF petroleum began shooting
down from $3.50 and halted only aftcr it had
lost more than two-thirds It's value And in ad-
dillon 20 this inconsistent condition observe
still another There existed at the moment an
empty oil storage roughly aggregatlng two-
thirds Of the entire national storage available!
We say seriously the time has come when
the controlling factors OF the petroleum indus
try--and we avoid using the term monopoly be-
cause It Is offensive to sensitive ears-tnrst
very seriously undertake TO discharge certain
implied obligations TO the public and the small.
er factors In tho Industry II they are to be
permitted to continue to enjoy the privilege
which has been their tremendously profitable
prerogatve for decades.
There is no industry in the world other than
. oil but would show appreciation in values in
the face OF precisely the same conditions ad.
nittsd to exist in the petroleum industry. II Il