OIL PRODUCTION
MANY AMERICAN WELLS CLOSED DOWN ACTION BY FIVE STATES. PROTEST AGAINST PRICE REDUCTION. Bv Telegraph—Press Association —Copyright. NEW YORK. August 16. Five States. Oklahoma. Kansas. Arkansas. New Mexico, and Texas, producing two-thirds of the United States' oil. have closed down their wells in an unprecedented stand against collapsing prices. Louisiana is expected to follow suit. It is hoped the reduction in output will force the price back to a dollar a barrel.
This follows action taken on Tuesday. when many petroleum wells in Texas, the largest oil producing State in the nation, were ordered to shut down by the State authorities as a protest against the action of large companies in reducing crude oil prices, in some cases by 20 per cent. The action was the .first definite move by any oil-producing State since the cut initiated last week by the Sinclair Company.
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Wairarapa Times-Age, 18 August 1939, Page 5
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145OIL PRODUCTION Wairarapa Times-Age, 18 August 1939, Page 5
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