Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1942-08-08

!
ton is to be held this year-owing to
attention Of the national officers In W
| The hearing before the senate fi-'
nance committee has been set for
next Monday, Aug. 10, Oliger was no
titled In wire from Russell B. Brown,
counsel for the IPA, and this gives OPP
portunity for Montana oil and mining
men to wire protests and arguments
against the elimination Of depletion
allowances.
The danger to the nation at war is
far greater than the danger TO the
industry, Oliger said, because elm
nation Of depletion allowances win
merely make 1t impossible for an OPP
orator to afford any validating.
eat a time when the developing
situation indicates that the United
States may be the sole remaining
source Of petroleum available to
the United Nations, and at 3 time
when other agencies OF govern
ment are greatly concerned with
means TO encourage further ex-
ploratOry work to develop the re-
serves from which to supply this
oil, the secretary of the treasury,
under the appeal Of a united
people, ignores the appeals Of 9TH
err governmental agencies trying TO
stimulate exploratory work In oil
and asks the senate to override the
overwhelming majority Of the
house as well as the continued ac-
ton of succeeding congresses since
1913" he said.
Prom their position of isolation
there are a few in bureaus Of the
treasury department who have pressed
This idea for a long time. These few
seem to have been able to get their /
IDEAS Incorporated into the secretarys I
statement and their policy seems to ]
De to carry their point however de- !
itructive it may be on the rest OF the 7
United States. {
THE depletion allowance has been |
PROVEN for q great number Of years q
md it has worked as stimulation TO 7
exploratory activities. We do now have
he oil necessary for immediate war
The industry has paid I
fair proportion of the nations tax 3
ills. We In the industry have not '
armed excessively as a result Of de- '
,letion" t
Commenting on the situation, Rus
ell Brown stated: Suppose Secretary q
is correct in his conten-
ion. The treasury stands to lose
between so and 200 million '
ollars annually. Since estimating in
ONE comes particularly within his g
uties, let's accept for the purpose OF a
his statement the top Of his very un- a
ertain figure of 200 million. That
- - safoV r1oT-ftNfrtn- I
on for a period Of nearly two days. a
oppose he is wrong. Suppose that the 7
zperts In the co-ordinator'S office are Il
ght. Suppose the Interstate Compact h
lmmission Is right-that the taking n
way of the depletion allowance would
ow down our oil discovery operations. q
oppose our increased demand for oil al
,uld not be met promptly. 1t could
asily cause the delay In the success N
u conclusion Of this war for more 81
ian two days with its consequent cost CT
money and nves-or what Is more,
e stand to lose the war. s.
"A pretty heavy responsibility the 81
cretary is assuming in the face Of all Dt
the experts and the wisdom of con- co
'ess over a period Of "A years"
Protests against the secretary's pro- ~
Ssal have been filed by Gov. Sam @.
,rd, by the oil Conservation Board u
I'd by the Montana oil g. Gas asso-
alton. Senator Murray. who has re- %
rned to Washington, pledged his an
rsonaI efforts in opposing the meas
e. Senator b. X. Wheeler, now at vi
Ike Mcdonald, stated that If the
nate finance committee Incorporates nc
e plan in the tax bill. he win go Of
FAR as TO oppose 1t on the floor Of gin
c senate. on
Ohger urges, however, that everyone gin
terested In the petroleum industry, we
tn producers and royalty owners, IL
ouId take time to advise his senators oil
TO the effect Of this proposal a