AMERICAN OIL INDUSTRY.
ALLEGATIONS OF MONOPOLY. SENATE COMMITTEE’S REPORT. (Received March 5, 8.35 p.m.) WASHINGTON,-March 5. A Senate committee, headed by Senator Lafollette, bas just rendered a report on the state of crude oil,and petrol production sales in the United States, making a charge that there is such a monopolistic control of the commodity that, if conditions are not remedied, consumers, in the next feAv years, Avill pay a dollar a gallon for motor spirit. The report states that large companies, notably the Standard Oil group, control the production and price, and that consumption is proceeding at such a rapid rate that oil experts declare that Avithin ten years or less it Avill be'necessary for refiners in the United States to secure at least fifty per cent of their product abroad, since tbe American fields ImA'e already reached the peak production of crude oil. The report urges government supervision of the industry in the interest of the consumer, from Avhcse pocket the oil companies baA'e draAvn a thousand million dollars or more Avithin the last decade.-—A. and N.Z.C.A.
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Bibliographic details
Gisborne Times, Volume LVIII, Issue 9635, 6 March 1923, Page 5
Word Count
178AMERICAN OIL INDUSTRY. Gisborne Times, Volume LVIII, Issue 9635, 6 March 1923, Page 5
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