CLOSING DOWN OF OIL WELLS
EFFORT TO RESTORE PRICES fU.P.A —Hy Electric Telegraph—Copy right ] NEW YORK. 17th August. With the Governor’s announcement of the closing down of Louisiana's offfields to-morrow, over 140,000 well* In six States will be idle in the unprecedented effort to restore oil prices after the serious collapse.
One oil-refining company, which purchases 3500 barrels daily, lias announced a 20 per cent, increase in the price of crude oil, being the first to make a price restoration It is now expected that other large refineries will follow suit, causing the reopening of the wells. Mr A. M. Landon. Republican candidate for the Presidency in 1936. alleged that the crisis is due to “ruthless and I arrogant big business refusing to cooperate with the conservation authorities.’’ Federal authorities are examining the records of Humble Oil. the nation’s largest producing company, to determine if the 170.000.000 dollar firm has broken the anti-trust laws.
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Nelson Evening Mail, Volume LXXIII, 19 August 1939, Page 5
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154CLOSING DOWN OF OIL WELLS Nelson Evening Mail, Volume LXXIII, 19 August 1939, Page 5
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