Oil Prices Satisfactory Though Economic Position Insecure

DURING 1934 conditions in the production division of the petroleum industry were reasonably satisfactory but nevertheless a decided feeling of insecurity existed largely because of the uncertainty of controlling production to consumptive demand. Over-production, especially in the East Texas field, threatened a general collapse of crude prices but in spite of this, posted prices were high. Stimulated by the prevailing posted prices, wildcatting activities were wide-spread. Although a number of small discoveries were made, particularly in the Gulf Coast belt and Oklahoma, no fields of major importance, unless it was the Fitts pool in Southern Oklahoma, were brought in. Meanwhile, the Petroleum Division of the A.I.M.E. continued its activities. It sponsored the collection of production and geological data on both foreign and domestic fields. The data on all but a few producing districts in the world were published in the "Petroleum Development and Technology" volume of the "Transactions" and comprise one of the most complete tabula¬tions of this sort ever published. Work of this kind is being continued.