The Oil Industry in the National Economy

IN ITS capacity for service to the public the oil industry is truly gargantuan. But it is only in this respect that the industry is the voracious, many-headed, many-armed and many-handed creature it has been so often painted by those who know it not too intimately and only from the outside. Contrasted sharply with the immensity of the service rendered is the relatively modest share of the national income which has gone to those who provided the tools and the mental and manual labor with which the service was performed. No doubt the relative meagreness of the re- ward was the result of a combination of fortuitous circumstances respecting the nature and accessibility of the industry's raw material and the extensive development and application of the most advanced technology, spurred by an intense competition.