Control of Production in the Oil Industry

Archive Report

Five years of mounting production in the oil industry, of supply outrunning demand, and of declining prices have brought this basic industry to a condition which excites grave concern and has evoked widespread public and private activity. Severe competition, the discovery of new oil fields and pools and of new pools in old fields, and refinements in technology have combined since 1926 to cause a heavy overproduction of petroleum which has led in turn to a series of price reductions. This condition is held to be detrimental both to the rights of the public in a natural resource that is being rapidly depleted and to the economic interests of the industry. In these circumstances the producers have taken a number of steps to limit ...

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