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Last month when crude oil prices melted down to 22? per bbl. and independent operators clamored for a voluntary shutdown, Governor Murray dug up a half-forgotten Oklahoma law passed in 1915 which prohibited oil production when its sale price dropped below its intrinsic value. On the strength of this law the Governor announced that Oklahoma oil was worth $1 per bbl. and that unless the big refiners posted $1 as their purchase price by Aug. 1, he would order shut in all the flush wells in the State's 27 great pools. Oil prices, under this threat, climbed...
Affected were all the wells (except salt water producers) in the State's prorated area. Exempt were "strippers" which produce less than 25 bbl. per day. Hardest hit by the order were the flush fields of Oklahoma. City (30 sq. mi.) and Greater Seminole (40 sq. mi.). With one pen squiggle Governor Murray had reduced the daily flow of Oklahoma oil from 425,000 bbl. to less than 150.000. To newsmen he declared: "The State's natural resources must be preserved and the price of oil must go to $1. Now don't ask me any more...
...resistance to the Murray order. Not a single shot was fired. So tame was the oil war that two young guardsmen were caught dozing under a Sinclair derrick. But despite martial law, economic law held its ground and the price of Oklahoma oil did not rise above 50? per bbl...
...whiskey peddling, specified only the "manufacture and transportation of beer for beverage purposes in the Chicago area on a large scale." Brought to light were 5.000 separate offenses, the unit of manufacture for each offense being one 1,500 gal. vat of beer, the unit of transportation one 30-bbl. truckload...
...California oil sells in Los Angeles now for 35? a barrel against $1.48 at the start of the year. Mid-Continent oil is selling at 53? against 81? at the first of the year. Last week gasoline stocks reached a new high for the year of 47,444,000 bbl. against 42,818.000 bbl. Jan. 1 and 55,239,000 bbl. a year ago. Refineries were operating at 65.3% of capacity against 70.9% at the same time last year. During the first two months crude oil production was 126,636,000 bbl. against 153,964,000 and imports...