Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1933-06-24

petroleum other than crude for puE-
pose Of refining.
ARTICLE "
NNFHHTS
The Importation Of crude petroieum
and the products thereof IA large
quantities Is hereby declared 10 be
unfair competition in3urlousiy sf6set-
ing Interstate commerce Therefere
the President II requested to limit
the imports Of crude petroleum and
the products thereof 20 an amount
not exceeding the average daily Ina
ports into the United States daring
the last six months Of 1882. Such ilsl-
ports to be allocated TO the vsfioaz
persons desiring 70 import such Pc
froleum and the products thereof In
such equitable manner Is the Presl-
dent may determine.
ARTICLE
OTHER PROVEsI0Ns
ca Il shall be lawful for produce
ers in any pool TO restrict their
production by agreement the guam
tity TO be stated III the agreement.
and when any such restrictive agree
ment Is made for any pool by those
controlling wells having q maximum
production Of two-thfrds Of the en-
tire maximum pool production, and
such agreement Is approved by the
eiee and hearing as may be deter
mined By the President, IL shall be
deemed unfair competition II any per-
son. whether a party 60 the aaree-
ment or not shah then and there
produce crude petroleum. in excess
OF the rate Of production allotted 70
such person therein and II such
crude petroleum so produced In ex-
cess Of restriction or any product
rharant In rrrNf m In So Hl4IH
or moved in interstate or foreign
commerce, or Is sold or moved In
competition with other crude petr0-
lenm or a product thereof which IL
sold or moved In Interstate or for
eign commerce, such transaction shall
be deemed q violation OF this code.
Obj 1t shall be deemed a waste Of
ana violation OF this code II any
person engaged in the petroleum in
dnstry in any state shall produce
crude petroleum or any product
thereof in excess OF the allotted
share Of such person OF the de-
mand and dump the same In inter-
state or foreign commerce, or In
instrastate commerce In such man
ner and to such extent as to divert
ferstate or foreign commerce, under
circumstances reasonably calculated
In economic affect to bring prices
below the normal and average cost
Of production.
(c) Every producer or seller OF
crude petroleum shall be required to
repOrt monthly under oath TO the
President the number and locations
Of his wells. quantity OF petroleum
produced from each well or property.
quantity sold. how and By whom
transported. to whom sold. and the
price received. any person storing
OH shall make q sworn report 10 the
President each month as 10 the a.
mount OF storage stocks Of crude OIL
on hand and the accruals or with
drawals and the disposition OF such
Id Agreements between compefi-
tors within the industry for the pur-
pose Of accomplishing the detectives
81 this code, or any OF them, arc
hereby expressly permitted. but such
agreements shall be Submitted to the
President and may at any time be
by him Upon such dis
approval they shall cease 20 be val
ID
(el Where any oil pool Is made
up OF leases separately owned BY
different operators, nothing in fhfs
code shall be interpreted to authorize
the compulsory operation Of such pool
as a single unit under one manage
ment and thereby force each separate
owner 70 contribute TO the expense
Of and share in the returns from such
unit operation unless all Of auch OBJ
orators owning al OF such leases
consent to such utilization.