Word: bbl
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When the Supreme Court invalidated Section 9c of NIRA last fortnight, it was dourly predicted that the oil industry would swiftly revert to pre-Rooseveltian chaos, that a flood of East Texas "hot oil" would sweep the price of crude down from $1 per bbl...
...story building in Kilgore in the heart of the East Texas Field, where hot oil is now flowing at the rate of at least 100,000 bbl. per day, seven men hunched around a long council table-three members of the new Federal Tenders Board, three members of the State Tenders Board and Col. Ernest O. Thompson, dominant member of the Texas Railroad Commission which is supposed to regulate the oil business of Texas. By order of Oil Administrator Ickes not a drop of oil could be accepted for interstate shipment without a tender certifying its legality...
Meantime the industry tossed in secret strife over the price of crude oil which has been $1 per bbl. for a year. After a few small buyers boldly chopped the posted price to 60?, Col. Thompson swore that the Texas Railroad Commission would shut down every well in the State if the major companies followed suit...
...acre ranch in Mexico, married again, this time his secretary, now 26. East Texas made Dad Joiner rich but it nearly drove the rest of the oil industry to the poor house. It was East Texas that tumbled the price of crude oil to 10? per bbl. in 1931. It was East Texas that made President Roosevelt put the oil industry under the Secretary of the Interior. And it was East Texas that incited the gasoline price wars which broke out like a rash all over the land last week. They are pumping oil in East Texas now instead...
...after a year under the code and despite constant thunder from the Department of the Interior, the Department of Justice and the Treasury, hot oil flowed freer than ever. The sole landmark in the oil badlands was the fact that the price of crude was still $1 per bbl. And by last week it was no longer a question of whether or not it would be cut but whether it would...