Word: petroleum
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Dates: during 1920-1929
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...illegal for two oilmen in one State to agree with two oilmen in another State to limit their joint production of crude petroleum. Their agreement, the U. S. holds, is a conspiracy in restraint of trade...
President Hoover established oil conservation as a major policy of his administration when he ordered an end to permits for drilling on Government land, and to renewals of lapsed oil leases (TIME, March 25). This official step encouraged the oil industry, as represented by the American Petroleum Institute, to believe that it had a friend in the White House who would smile upon its own efforts to hold down production. Confronted with an enormous output and low prices, operators agreed among themselves to plug their production for 1929 at the 1928 level. They asked the Federal Oil Conservation Board...
Meanwhile Soviet authorities were preparing to spend a million rubles in the development of the Perm fields. There are no differences of opinion between the Russian government and the Russian petroleum industry. Russian oil is produced by about six Russian companies and one Japanese company with a Russian concession. The 1928 output was twelve million metric tons (26,455,200,000 lb.) Distribution and selling is handled by a government syndicate, headed by G. I. Sokolnikov. Oilman Sokolnikov, as Soviet Commissar for Finance, was famed as the financier who put Russian currency on a gold basis...
...Perm were accidentally discovered. Three years ago Professor Preobrajenski found in the Perm district what are now considered the world's largest deposits of potash, thus shattered the Franco-German potash monopoly. While digging for potash, drillers were pleasantly surprised to strike oil as well. U. S. petroleum is used chiefly in the form of gasoline; in Russia (with only 21,000 automobiles) the oil will be used mainly as fuel. Perm oil will turn many a wheel in the Ural industrial region, now dependent upon coal which must be transported some 1,200 miles...
June 10, will presumably devote itself to the problem of discovering a combination in restraint of petroleum which shall not be a combination in restraint of trade...