Federal Control of Petroleum Resources

FEDERAL regulation of the petroleum resources of the nation has long been an interesting topic for discussion. A plan to accomplish Federal control has now taken definite form. At the request of the President of the United States, a bill to be known as the Petroleum Conservation Act of 1939 has been presented to Congress-H. R. 7372, offered by Representative Wm. P. Cole, Jr., and more usually known as the Cole bill. It is an act ostensibly designed to conserve our petroleum resources, through regulation of production practices. Hearings are being held currently by a subcommittee of the Interstate and Foreign Commerce Committee, in compliance with the request of the President to report the bill early in the next session of Congress.