Word: petroleum
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Dates: during 1920-1929
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...American Petroleum Institute...
...industry there came last week a code of ethics. Concerning only the marketing of oil, the code consisted of 19 articles, most of which dealt with relations between "refiner, wholesaler, distributor and jobber" and the "retailer." As gasoline is by far the most important petroleum product, particularly for U. S. consumption, the "retailer" is usually the filling station owner and the code deals chiefly with unfair methods of securing filling station distribution. It says that the wholesaler should not lease pumps, tanks or other equipment; should not pay the retailer's rent, put up his buildings, lease him land...
...code requests that violations of its provisions be taken up with the proper "regional committee" of the American Petroleum Institute and should also be referred to the Federal Trade Commission. Thus the oil companies, though establishing their own board of arbitration, are attempting to cooperate with, rather than to take the place of the Federal board...
Long-planned, muchdiscussed, the code was adopted at the ninth annual meeting of the American Petroleum Institute in Chicago. Much of it might seem to consist of regulations which have become standard practices in most industries. It should be remembered, however, that the oil industry today suffers from overproduction, with its attendant fierceness of competition among more than 3,000 established oil companies. There are in this country about 320,000 oil wells with a potential daily production of about 3,000,000 barrels of oil. During 1926 the average daily domestic demand for crude oil was slightly over...
...beginning of the Petroleum Institute sessions there was talk of choosing for president a famed person outside the industry. General John Pershing, Charles Evans Hughes and President Coolidge were mentioned for the position. It was finally concluded, however, that in the present unsettled condition of the industry it would be better to forego the glory of a great name and select a man well acquainted with petroleum problems. So Edwin Benjamin Reeser, of Oklahoma, president of the Barnsdall Corp., was elected.* Mr. Reeser lives in Tulsa; whenever he visits his Manhattan offices he shakes the hand of every member...