ASIATIC OIL WANTED

Grey River Argus, 18 February 1944, Page 2

ASIATIC OIL WANTED

U.S.A. SEEKS WAR RECOMPENSE WASHINGTON,. Feb. 16. The Senate Truman Committee’s annual report declares: “Inasmuch as the United States has borne the brunt of oiling this war it would seem fair to ask the Allies, particularly Britain, to recompense us by transferring to the United States a compensating volume of proven reserves outside this country.” The report pointed out that at the pre-

sent rate of depletion of the known oil. reserves the United States has only 14 years’ supply. It added that technological advances may increase the already tremendous rate of consumption, so that the acquisition of foreign oil rights is essential to national defence and future industrial development.