CLOSING OF OIL WELLS

Evening Star, Issue 23349, 19 August 1939, Page 15

CLOSING OF OIL WELLS

STAND AGAINST COLLAPSING PRICES ACTION IN FIVE AMERICAN STATES Press Association —By Telegraph—Copyright NEW YORK, August 16. ; Five States—Oklahoma, Kansas, Arkansas, New Mexico, and'Texas—which are producing two-thirds of the United States oil, closed down wells in an unprecedented stand against collapsing prices. Louisiana is expected to follow suit. It is hoped, that a reduction) in output will force the price back to * dollar a barrel. OVER 140,000 WELLS IDLE NEW YORK, August 17, With the Governor’s announcement concerning the closing down of Louisiana’s oilfields to-morrow, over 140,000 wells in six States will be idle. Mr A. R. Landon, the Republican Presidential candidate in 1936,, alleged that the crisis was due to “ ruthless and arrogant big business refusing to co-operate with the conservation authorities.” The . Federal authorities are examining records of Humble Oil, the 'Nation’s largest producing company, to determine if the 17p,000,000-dollar firm has broken the anti-trust laws. PRICE RESTORATION WELLS LIKELY TO REOPEN. NEW YORK, August 18* One oil refining company, which purchases 3,500 barrels • a day, announced a 2Q-cent increase in crude oiL and was the first to. make -pnc* restoration. It is now expected tjiaii other large refineries will follow suit| causing the reopening of wells.