Suggestions For Conservation Of Petroleum By Control Of Production Suggestions For Conservation Of Petroleum By Control Of Production Suggestions For Conservation Of Petroleum By Control Of Production

FOR many years more money was spent in the search for and the production of gold than the gold that was produced was worth. The same thing is now true of petroleum. More money is spent for the search and. production of petroleum than the market value of the petroleum produced. The first thought concerning this statement will be that men would not embark in a business in which more money was expended than the value of the product produced. Few people realize that more money is spent in the oil business than the market value of the oil produced. This would not stop the spending if they knew it. Everybody knows that more money goes into a lottery than comes out of it, yet the instinct for gambling is so widespread and so easily excited that lotteries are forbidden by law. The hope of winning the grand prize is what lures men on. The search for and production of oil has become a more frenzied game than the search for gold ever was. THE OIL BUSINESS PAYS NOW BUT THE PUBLIC WILL PAY FOR ALL ETERNITY The public could sit back and enjoy all of this, knowing they were being supplied with petroleum products at less than their real cost, if it were not that our most valuable and least plentiful natural resource is being dissipated at an alarming rate, which is constantly increasing. Here is an industry that for many years has not been governed by natural laws. The so-called laws of individual and mass psychology play a more important role than natural physical and economic laws. Even the law of supply and demand works only in the most remote way in this industry. The oil production business as a whole is now paying the price for this folly; but the public will pay the price for all eternity. The seriousness of this matter, as an outstanding national problem, has been under consideration by many men for a long time, but nothing has been done to conserve our petroleum resources and prolong the supply, although very important steps have recently been taken to make this possible.