Word: petroleum
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Dates: during 1920-1929
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Rubber is a complex hydrocarbon. Fundamental in its composition is isoprene. The organic chemist can make isoprene from such common stuffs as turpentine, petroleum, starch, coal tar or acetylene. News of goldenrod as a likely rubber source gave the casual daily press opportunity to picture farmers sneezing as they harvested the autumn-gorgeous weed. But goldenrod pollen is one of the lesser causes of hayfever. Ragweed, more widespread, is the chief cause...
...appointment of a Great Man as Tsar, inasmuch as Great Man's influence, presumably exerted in sympathy with the program of the large oil companies, might give production restriction an irresistible impetus. But where-ever discussion was unofficial and unpublished, delegates to the tenth annual meeting of the American Petroleum Institute talked of Sir Henri Wilhelm August Deterding, of Royal Dutch, of price wars and of invaded territory...
...Henri Deterding is, as everyone knows, head of the Royal Dutch-Shell petroleum interests, largest crude oil producing company in the world. Old in the oil business, veteran of many oil wars, Sir Henri at one time battled, not unsuccessfully, with Standard of New Jersey in its pre-dissolution period. In more recent years he has (despite his non-compromise statement) preferred peace to war, as witness his agreement (in March) with U. S. oil interests concerning the marketing of Russian oil. In April he sat in on an American Petroleum Institute oil restriction program, gave tacit approval...
...other hand, although the government failed to endorse the American Petroleum Institute's national program of oil restriction, oilmen have made marked progress through state-by-state restriction agreements. There is no overproduction problem in Pennsylvania fields; Texas oilmen have on the whole cooperated enthusiastically with the restriction plan; encouraging progress has been made in the Mid-Continent (Oklahoma) fields. California, however, is the crucial point. California increased its production 40% in 1929 and now produces 30% of the U. S. output. Last summer the California legislature passed the Lyon Act, a measure ostensibly designed to prevent wastage of natural...
...natural gas in the earth which forces the petroleum out when wells are driven. The Lyon Act stipulates that natural gas shall be conserved, lest all the natural gas be exhausted and gushers therefore cease to gush. Oil operators have fqond that recycling the gas into the ground is the only practical form of natural gas conservation. Small operators, lacking the capital to construct recycling works, maintain that the measure is discriminatory, invidious...