Magazine content is available exclusively for TIME subscribers.Business: Oil Embargo? Merger?
Last week was actually an unusually bad week for the troubled oil industry. The new pool in eastern Texas (TIME, Feb. 2) gushed greater, became a major threat to prices. The Federal Trade Commission demanded a revision of 18 of the 21 rules of ethics adopted by the industry in July 1929. Earnings statements were bad. Dividend reductions included Standard Oils of Indiana, Kansas, Nebraska. In Oklahoma, Potential Production rattled the lid of Proration, never securely clamped down.
Yet all these gloomy items of the week faded...
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