| Show petroleum institute cites need for more oil production development of oil land heretofore held only in the status of prospective A production lins has become a war onic necessity it was announced at the american petroleum institute annual meeting held in chicago by ralph K X davies deputy petroleum coordinator lie ile said there was every indication future war requirements would increase heavily from the present petroleum production level of 0 more mora than barrels a day he added that government and industry agree something must be done itono to stimulate exploration and wildcat dr drilling illine 11 it Is apparent that the discovery of new prospective arens likely places to explore for new reserves has fallen off tills suggests to me the necessity for the industry proceeding ce now with the development of those good prospects which it has already under tinder control the acreage that has been acquired heretofore and held tor for drilling as the needs of the particular company might dictate 1 davies also said there Is need for more consolidated operation during the emergency with halt half dozen government agencies apparently working at cross purposes one demanding a crude oil price increase and another refusing to grant it both storage and reserve supplies continue to decline dally daily at a terrific rate haggling 1 over a fair rind and decent price for crude should end before too little too loo late again avci overtakes takes america |
