Show new oil records As we All tall know this country arid anki tt its allies aUles use uso us Un sin Hn credible quantities of oil and in ill the future well we'll need l far ar 4 greater quantities still As in every other field fjeld there are ebbs and flows in demand but the general trend is always upward upward Writing in the New York Times J. J II 11 Carmical ob ob serves that some now new oil records probably will bo be set this year For one domestic consumption is expected to average 10 million barrels a day for the first time for lor a n full year Mr Carmical also deals with some of the economic I aspects of producing oil in so colossal a stream In 1959 something like additional barrels of oil were discovered In this count country r. r To drill and equip th the wells the industry spent the almost unbelievable sum of billion And of great significance about million of that close to a third was waS lost beyond redemption in dry and worthless holes It is estimated i that last years year's spending for which the final figures are not yet available was about the same In comparison with others othere Utah is a long way from I being considered one of the nations nation's major oil on producing states When Then we look at the great strides made in atlon and discovery in Utah in recent years especially here in southeastern Utah we can however best date the tremendous costs involved in exploring untried I lands Some obvious deductions can be taken from these facts facto Oil development is an extremely costly enterprise demanding huge sums of invested savings and if people and organizations are to too devote their savings to it the must see a chance for a fair profit Secondly searching for new sources of oil is extremely e hazardous and no noone nor r one omie e would accept those hazards unless the po possible ible re wards balanced the possible losses That is why Con n. n 1 gross gress after Congress has given oil producers and pro t. t 1 only a 27 4 27 per cent depletion allowance which isI is is' isa isI I I a credit against income taxes This h incentive is a must if the nation is to have the oil it so urgently needs need |