Report

In December 1924, as the result of now half-forgotten oil scandals, President Coolidge created the Federal Oil Conservation Board, composed of Secretary of the Navy Wilbur Secretary of War Davis, Secretary of Commerce Hoover, Secretary of the Interior Work, Chairman.

Last week the board through its chairman published a report preliminary to two later ones to be issued, declaring that only a six year oil supply for the nation was in sight at this time, and

1) Since the original oil well was drilled in Pennsylvania, more than 68,000 oil wells have been drilled in the U. S. More than one-fifth were failures.

2) The production last year alone exceeded 750,000,000 barrels. Total investment: $9,500,000,000.

3) The U. S. produces and consumes 70% of the world's oil production.

Some have maintained that federal control over the country's oil supply is necessary. The board took a stand against any federal interference save for expanded research. It declared itself in favor of state control unless national defense is threatened by waste, state inaction, or oil exhaustion.