Show A NEW OIL PROGRAM the administration has haa approved senator Phe lans bill designed to provide for an adequate future f oil supply for the united fi the rhe bill was introduced at the last ses acs session ses slon and will be brought up again early in the next session john barton payne secretary ot of the interior in a report to the senate public lands committee endorses the measure which authorizes the format formation ioa of the knitel states oil corporation to cevelo de velo oil resources of foreign countries which will oo 00 available when tha supplies become exhausted in this country secretary payne said la in part the purpose of this Is to provide means tor for further pro 1 noting the worldwide world wide search tor for oil and in that purpose I 1 heartily accord the publics need tor for an assured supply lyof of oil la is so great that the federal fell government stands back of the endeavor to develop foreign sources ot of oil to replace in future what america has exported in the past the phelan bill provides that the united states oil corporation shall be control control ledi leli by a board of nine directors appointed by the president the corporation can explore develop velo refine transport and store oil and its products in foreign countries subject to tile the preferential rights oi of the united states to take all of the supply at any time at market prim prices american citizens must own the majority stock but foreigners may hold a minority of the stock the capitalization will ix be determined by the directors and the corporation po ration Is forbidden to do anything in restraint 0 of trade which vituld increase the price of oil secretary payne in his report adds our merchant marine will w ill need oil in all quarters of tile world and american oil stations are a present necessity every american company engaged in this pioneering search for oil which meets the international requirements quire ments of business conduct be given full support by its government 1 I believe however that the authorization of a special corporation corpor atlon along the general lines I 1 have indicated will incidentally strengthen the position of american companies already exploring oil fields in other continents and that it Is a matter of I 1 national concern that their activity be given all the protection and aid they deserve |