Archive Report
Archive Report
“Overproduction of crude oil, that bugaboo of the oil producer which has so often and so violently harassed the petroleum industry of the United States, has recurred this year in a form so malignant as to seem to be without precedent in all past history. And again with equally unprecedented earnestness the producers have renewed the old debate as to how best these recurrent attacks may be avoided or their ill effects diminished. Overproduction is like the weather, everyone talks about it, but no one has ever really done anything about it.”
Thus reads the opening paragraph of a letter of May 2, 1927, signed by Walter C. Teagle, president of the Standard Oil Company of New Jersey, and W. S. Farish, former president of ...