OIL: Report
In December 1924, as the result of now half-forgotten oil scandals, President Coolidge created the Federal Oil Conservation Board, composed of Secretary of the Navy Wilbur Secretary of War Davis, Secretary of Commerce Hoover, Secretary of the Interior Work, Chairman.
Last week the board through its chairman published a report preliminary to two later ones to be issued, declaring that only a six year oil supply for the nation was in sight at this time, and
1) Since the original oil well was drilled in Pennsylvania, more than 68,000 oil wells have been drilled in the U. S. More than one-fifth were failures.
2) The production last year alone exceeded 750,000,000 barrels. Total investment: $9,500,000,000.
3) The U. S. produces and consumes 70% of the world's oil production.
Some have maintained that federal control over the country's oil supply is necessary. The board took a stand against any federal interference save for expanded research. It declared itself in favor of state control unless national defense is threatened by waste, state inaction, or oil exhaustion.
Most Popular »
- Parents' Sex Talk with Kids: Too Little, Too Late
- Campus Smoking Bans? Some Saying 'Lighten Up'
- Did Amanda Knox Get a Fair Murder Trial?
- Obama Shrinks the War on Terrorism
- Is California Sold on Gov. Meg Whitman?
- The Growing Backlash Against Overparenting
- Humanure: Goodbye, Toilets. Hello, Extreme Composting
- How Strong Is the Evidence Against Amanda Knox?
- Astronomers Spy a New Planet-Like Object
- Many Mutual Funds Are Up 50% in '09 — But Beware
- Washington: 10 Things to Do in 24 Hours
- Dubai: 10 Things to Do in 24 Hours
- Troubling Rise of Facebook's Top Game Company
- Protecting Jungles: One Way to Combat Global Warming
- Can Dems Resolve Their Abortion Split?
- Rome: 10 Things to Do in 24 Hours
Top Stories on TIME.com
Quotes of the Day »
RSS