OCR Text |
Show STIMULATING THE OIL PRODUCTION Large oil companies arc spending millions drilling test wells In territory terri-tory known to havo oil bearing geologic geo-logic strata. There is still delay by congress In enacting land (easing, laws,jqr put-llo put-llo lands having oil bearing forma. tlons. i It Is a political holdup on the part of tho conservation politicians who sprang Into existence years ago. They have never done anything 4 I but hold up the development of the great undeveloped regions of the west and Alaska. In tho meantlmo the oil scarcity goes on Increasing, while American capital Is driven to Invest In Mexico and Europe. The surface, reserve of domestic crude petroleum held on May 31, 1019, by pipe lines and marketing companies and by refineries that re-colve re-colve It directly from tho wolls was 'approximately 132,165,000 barrels, a decrease of 520,000 barrels, or about 4 per cent, compared with the quantity quan-tity on hand April 30, 1919, and of 11,466,000 barrels, or nearly 8 per cent, compared with tho quantity In storage on May 31, 1918, |