OIL SUPPLY.

Hawera Star, Volume XLVI, 7 September 1926, Page 5

OIL SUPPLY.

THE AMERICAN RESERVE. CONSER-V A TTO X ADVOC A TED. BY CABLE-PRESS ASSOC!ATION—COPYRIGHT WASHINGTON, Sept. 5. Serious concern over the future oil supply of the United States i-s,mani-fested in the report of the Federal Oil Conserving Board, which, after a year’s investigation of the national petroleum conditions, has made its findings known to President Coolidge -The report states that the present reserves in pumping and flowing, wells in proved oilfields in the United States are estimated at 4500 million barrelsThis, theoretically, is only six years’ supply. The United States produced last year 750,000,000 barrels and is producing and consuming 70 per cent, of the world’s oil production. There is a total investment of 95,000 million dollars- in. these, wells. The business situation, therefore, demands that every effort be exerted to secure the maximum amount of oil from known oilfields in the United States, the _ de velopment of new fields in -the United States and in Mexico and South America, and vigorous efforts at conservation. The report stresses the opinion that American companies should vigorously acquire and explore the fields .in Mexico and South America, # pointing out that Americans suffer from such foreign monopolies as rubber. It also advocates improved methods of oil winning, better utilisation of erude oils, better control of the flush flow from newly discovered fields, economies in consumption by improved mechanical devices, and supplies from distillation of oil shale and coal.