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Show Development of OIl 011 OIlLands 011Lands OilLands Lands Held NecessaryDevelopment Necessary NecessaryDevelopment Development of oil 011 land hereto heretofore heretofore heretotore fore held only m ill the status of pro- pro prospectlve prospective pro prospective - - spective spectlve ; production JroductlOn has become a awarume awartime awartime warume wartime neiyssity neco-Slty neco Slty necessity " - Relph K Davies Daviesassist.ant Daviesassistant Daviesassistant assist.ant assistant . petroleum coordmator coordinator coordmator&aId coordinatorsaid coordinatorsaid &aId aId said & ' it 'tt tt it the closing clooing session of tl'e tle tl'eAmerican tl'eAmerican trie-American trie American ' ' - , American Petroleum Institutes Institute s an en ennual annual : nual meeting lyld hold in Chicago last lastw lastweek w " eek He said there ' \ was as every indlcation indication indlcationfuture indicationfuture Indicationfuture future war reqUirementsould requirements ' \ would \\ould ould could In Incroase incr incr croase cr ase heavily heaVlly from the present pe- pe petroleum ] : r-ti r ti & - - tloleum troleum oleum production level of more morethan morethan more-than more than - than 4 4000000 000 000 barrels a day He Headded Headded He-added He added - added "government government " and industry- industry industryag'lee industryagree industryapiee - ag'lee aglee agree ' something must be done to tostimulate tostimulate tostimulate stimulate exploration eploratlOn ' ( and wildcat wildcatdrillmg wildcatdrilling wildcatdrilling wildcatdrillingIt drillmg drilling drillmgIt drillingIt It is appar apparent nt that the diccovery diccoveryof di dl Covery Coveryof < : ovwof of new prospecuvereasllJ.ely prospective prospecuve \reas-llJ.ely reasllJ.ely reas llJ.ely llJely ireas-hkely ireas hkely ' \ ireas ireashkelyplc reasllJ.elyph - - likelypli . ph plc es to explore for new reserve- reserve reserves-- reserves reservehas reserveshas reserves-has reserves has & - - - - has fallen falJen off This suggests to me- me methe methe me-the me the - - the necessity for the industry pro proceedmg proceedmg proceedmg ceedmg now with the development developmentof of . those t.hooe thooe good proscects proocects which it ithas ithas ithas has aready under control-the control the control - the acre acreage acreage acreage age that has been acquired her here- here heretofore here heretofore - - tofore and held for drilling drUJmg as the theneed theneed theneed need of th trioparticular tbo trio " particular comp'my compmy company comp'mymight companymight cocapinymight ' might dictateDaVies dictateDavies dictate Davies also-s.ud alsos.ud also s.ud sud also - . said there is need needI needfor needfor needfor for more consolidated operatior operation operationduring operationduring , I during th th " emergencyWith emergencyWith emergency emergencyWith With halt half dozen government governmentagencies governmentagencies governmentagencies agencies appaiently apPJ.lently apPJlently apparently : . wolktag wOlking working at atClOSS atcross atdoss ClOSS cross purposes purp o es < > one demanding demandmg a . acrude acrude crode crude oil trice Jnce price ; increase mcrease and an another another another other refusing to grant it it , , , both bothstorage bothstorage bothstorage storage and resen resene reserve e supplies con continue continue conttnue tinue to decline dally daily at a . terrific terrificrate terrificrate terrificrate rate Haggling Hagglil.g Hagglilg " . over a . f flir ftir sir and de decent decent decent cent price tor for crude should end endbefore endb-.fore endb.fore endb .fore fore Ofore before - . too little httle too late again againovert'tkes againovertakes again.overtakes againovertakes . overt'tkes overttkes overtakes . ' America |