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Hokitika Guardian, 27 September 1927, Page 2

A curious position lias arisen in America in regard to the great oil industry. So much oil lias been located and so many wells are flowing freely in the United States that the value of oil properties and investments is falling fast, and the unfortunate shareholders nre appealing to tthe Government for help. A few days ago the American Secretary for the Interior (Dr Work) declared that the over-pro-duction of oil in the United States “had reached the proportions of a national disaster,’’ and that something must be done by the Washington authorities not only to save the investing public, but to prevent the depletion of a “natural resource which could never be replaced.” It is the second consideration that anneals most strongly really. Hitherto oil production in America lias chiefly benefitted gentlemen like Mr Doheiiy, who lias just, been forced to pav the Treasury about two and n-lialf million sterling to settle the account against him for trying to obtain possession of a huge oil area by fraudulent means. But- the necessity for conserving the supply of this precious source of beat, light and motive power is now engaging the attention of American statesmen, and they have made a beginning with an effort' to limit the output on the Seminole field in Oklahoma. The production there Is enormous, and so far as the attempt to chock it has been a failure. But it is at least an encouraging omen that even in the United States a stand is being made against the reckless wn«t<* of Nature’s resources which lias marked so constantly the progress of modern civilisation.