British Oil Policy in Foreign Fields

IN THE changed circumstances which now confront the world, an international open-door policy is the only way to keep pace with the world's demand for oil. You may rest assured that as far as the British Empire is concerned, American capital for the develop-ment of oil resources is welcome, and little obstruction will be found in the way to permit the use of foreign capital in the group of countries which constitute the British Empire. In the war days we worked in close cooperation and harmony, but in disbandment of the Petroleum War Service Committee, when the war ended, I feel that it left its task unfinished. In the wake of war there appeared a ghost of war-time conditions in the form of belief that Great Britain was straining to corner the petroleum resources of the world. I am certain that if the war-service committee had continued its work in the period of reconstruction the real story would be known and this sinister ghost would have long since vanished before the truth.