OIL PRODUCTION
OVER 140,000 WELLS IDLE IN UNITED STALES ONE COMPANY RAISES PRICES. OTHERS EXPECTED TO FOLLOW SUIT. By Telegraph—Press Association—Copyright. NEW YORK, August 17. With, the Governor’s announcement of the closing down of Louisiana's oilfields tomorrow, over 140,000 wells in six States will be idle in the unprecedented effort to restore oil prices after the serious collapse.
One oil-refining company, which purchases 3500 barrels daily, has announced a '2O pel- cent increase in the price of crude oil, being the first to make a price restoration. It is now expected that other large refineries will follow suit, causing the reopening of the wells. Mr A. M. Landon. Republican candidate for the Presidency in 1936, alleged that the crisis is due to "ruthless and arrogant big business refusing to cooperate with the conservation authorities.” . . ~ Federal authorities are examining the records of Humble Oil, the nation s largest producing company, to determine if the 170.000.000 dollar firm has broken the anti-trust laws.
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Wairarapa Times-Age, 19 August 1939, Page 7
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161OIL PRODUCTION Wairarapa Times-Age, 19 August 1939, Page 7
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