WORLD’S OIL.

Taranaki Daily News, 15 February 1921, Page 5

WORLD’S OIL.

AMERICA SUGGESTS EM3ARGO PROPOSED LAW TO STOP EXPORTS. RETALIATION TO ALLIES’ ACTION. By Telegraph.—Press Received Feb. 14, 8.30 p.m. New York, Feb. 13. The New York Times’ Washington correspondent states that Mr. J. Daniels (Secretary to the Navy), in a letter to the Senate Naval Commitee, recommended that the President should be given far-reaching authority to lay an embargo on all oil exports whenever it is believed conditions warrant such action. The correspondent adds that Mr. Daniels’ recommendations have a particular retaliatory character, since the British mandate over Mesopotamia restricts the exploitation of oil and other resources to nationals whose Governments are members of the League of Nations. The letter indicates, inferentially, that the Administration favors retaliation against the Allies, who apparently refuse to permit the United States to share in the commercial developments of former enemy territory now held under mandates. It is also felt that this attitude has an indirect bearing on the action of the Allied Powers in giving Japan complete possession of Yap. Mr. Daniels pointed out that although the United States produces 50 per cent, of the world’s oil supply, yet they must import to meet home consumption.—Aus.-N.Z. Cable Assn.