Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-15
OIL TRADE LOOKS
FOR HIGHER PRICES
Resumption of Flow in Okla
homa Not Expected to
DepresS Market.
BY WILLIAM VOIGT, JR.,
Associated Press stan Writer.

TULSA, Okla, October 15-A FESTIVE
mid-continent oil industry. soothed at
last by q flow from Oklahoma fields,
was taking stock Of the new situation
today.
Questions as to what the immediate
future might bring still remained I'M
answered, but on the whole o more OPP
timistic atmosphere pervaded this region
as the first week under renewed pro-
duction from flush fields of the State
reached the halfway point.
That persistent query, When will we
get higher prices for crude9" still came
with monotonous regularity from pro-
ducers, principally the small ones with
only q few wells from which to draw.
Eope for Higher Prices.
will the reopening OF Oklahoma
fields. closed two months under martial
law, result In q frmer price structure?"
they asked.
And from those conversant with the
whirns and vagaries Of this precocious
industry came indirect assurance that
such probably would be the case. The
present top Is 10 cents q barrel.
But 1t was not alone tie somewhat
less remote aspect of obtaining more
money at the wells that fitted into the
picture of optimism that prevailed
Other factors bore q distinctly closer re-
lationship to the new outlook.
The principal one was the CHEEKY
hustle of reawakened industry, the hiss
Of escaping gas and the gurgle OF oil
flowing through Oklahoma pipelines
definite assurance for the small refiner
and distributor that his source OF sup
ply again was functioning.
Aac rne,,Ifod iVf tho AtYgftnR ON
of long dormant plans for construction
and employment. The smaller operator
knows what's what" 1t is generally
conceded that Gov. W. H. dollar Blll)
Murray. after two months of wrangling
with purchasers for higher prices, will
be driven to an extremity before invok-
ing martial rule to shut down Oklahoma
wells.
The September II conference Of
regulatory bodies and Gil leaders IN
Oklahoma City fixed the amount that
would be produced when all known
areas again were in operation. 1t set
the maximum that the Nation might
produce, and assured that this would
be less than the actual consumption
Of petrc leum so a certain quantity would
be withdrawn daily from overtaxed
storage.
Gasoline Market Stronger.
Already the gasoline market has been
strengthened. Only few days ago the
market was at the low level Of az
to ga cents per gallon at refineries.
BY rapid. steady marches the prices
climbed to 33s to 334 cents per gallon
and U. S. Motor Standard, as Of yes
terdays quotations, and indications
were that the strengthening process
would continue.
While none Of the ms jor purchasers
has made any moves. it Is not jmprob-
able. in the opinion Of number CT In
dustry leaders, that an increase Of an
other cent or cent and 6 fraction will
bring about a higher price for crude
oil.
Approximately 5000 persons were put
back to work. parton full time, when
Oklahoma wells were reopened. Their
salaries and the distribution through
the channels Of business Of this money
were held as the first aid to business
generally from the Governors action in
lifting the State army rule. Next in
importance was the renewed activity
and strengthening of the States banks
and the consequent easing of credits
through the passing through of oil
money.
Now If crude price increases come,
from the converse ton that goes the
rounds where men gather in this oil
center, smiles will be general once more.