Foreign Oil Possibilities and Domestic Price Fixing

IN OPENING the symposium under the auspices of the Petroleum and Gas Committee of the American Institute of Mining and Metallurgical Engineers, I wish to call to your attention the following, among other subjects, which it is hoped may receive proper attention: 1. The recording of as accurate an appraisal of the oil possibilities of the various countries as is possible, with information as to the immediate availability of their supply. 2. The development of further support for the move-ment to bring about active cooperation among Ameri-can oil companies in their foreign exploration and development work. 3. The furtherance of the efforts of the industry in securing governmental assistance in foreign oil develop-ment: (a) along the lines of a modification of our domestic oil policy, so that we can go to foreign coun-tries and consistently ask fair treatment as to royalties and bonuses; (b) by a closer cooperation between the State and Commerce Departments and the oil industry. 4. The calling of attention to the unjustifiably drastic action of the price-fixing group of the oil industry during the last year or so, with the hope that it will use gentler methods in the future. None of these subjects are new, and some of them have been discussed before various organizations for years. Our justification for again bringing them forward is the hope that by everlastingly harping on them the industry, the Government, and the people who shape the destinies of this country may some time, some how, realize their importance and take effective constructive action.