May the American Petroleum Industry Through Voluntary Action Meet Its Problem of Over-production

SINCE the World War, excepting for a few brief periods of relief, the American petroleum industry has been obliged to meet its important economic responsibility to this nation hampered by the maladjustment that inevitably follows a marked and unwholesome over-production of its raw material, crude oil. Despite the warnings of the Federal Oil Conservation Board and the endeavors of many of the leaders in the business to stem the flow of oil from the wells of the country, the evil ,not only persists but, at the moment, seems more malignant than ever before. Unless the local and temporary restraints on drilling and production now in effect in California, Wyoming, Texas, and Oklahoma are continued, and, indeed, unless stricter and more comprehensive measures of the same sort are imposed and adhered to by the industry in those States, over-production in the enterprise during the current year will be more pronounced than in any other period in history.