| Show 19 1924 A poor oil year in the die united states there are now over producing oll oil wells with an average total production of 1950 barrels a day according to J A phelan oil examiner of 0 the shipping board the well average is less than 65 barrels a day and with oil at a barrel figuring cost of the average well at and average lifting cost of 50 cents a barrel ten years would he fie required for a producer to get his money out of a well not considering dry holes drilled for this and many other reasons it is estimated that 90 per cent of the producing oil companies in the united states will lose money in 1924 and now drilling will be discouraged in 1925 in the meantime however receipts collected by the united states government under the general leasing law of oe 1920 providing tor for the development of 0 oil gas and coal fields on the public domain have reached the sum of this figure is exclusive of receipts from the naval petroleum reserves the leasing law is a money maker tor for the taxpayers and eliminates the risk of government development of 0 oil properties |
