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Newspaper
Amarillo Globe
Location
Amarillo, Texas, United States of America
Date
Jan 13, 1946
Page
11
The Panhandle gas boom spurred a clash among railroads coal unions and oil interests as pipelines seek long connections to Detroit Milwaukee and California. Federal hearings in Washington and Chicago threaten private energy initiative and foreshadow possible federal control.
Four Panhandle wildcat attempts underway with Stanolind O&G in Hale County and Humble O&R in Collingsworth. total daily oil potential 1806 barrels and gas 31.4 million cubic feet. Locations include Jery man, Mc Dowell, Hines, and Watson wells with Edison tests and several completions noted, plus a January hearing on the Ohio Oil case drawing industry attention.
Venezuelan government imposes an excess profits tax on foreign oil firms. Journal estimates annual tax revenue of 7.5 to 10 million dollars from U S and British companies. Officials say no discrimination between foreign and Venezuelan capital.
Shamrock Oil and Gas president J. H. Dunn announced promotions for three executives at a Capitol Hotel dinner for foremen and Amarillo office staff. E. W. Fosshage becomes chief geologist, Walter T. Price Jr. is named Land and Leaseman, and F. W. Wallace is Office Assistant to the President plus Personnel and Advertising Manager.
Earl Clayton describes how Jackson supposedly left the government with a cash balance, avoiding a national debt and prompting Congress to declare a dividend. He argues pensions have been in vogue since, as a reaction to the surplus.
The Panhandle field saw a drop in oil output after a prior gain. Daily average reached 75,056 barrels with weekly total 525,329. Across 6,082 wells, per well daily average was 12 barrels, detailing county by county production including Carson, Gray, Hutchinson, Moore, and Wheeler counties with varying well counts and barrels.
The Panhandle Plains Section of the American Chemical Society will hold a dinner meeting at the Black Hotel in Borger at 7:00 PM January 19. Dr. J. G. Fox will discuss the social and chemical aspects of atomic energy and the results of atomic bomb tests, including Nagasaki and Hiroshima, with notes on the Manhattan Project. Visitors may attend by notifying O. L. Bertorelli by January 16. Gasoline stocks in the United States total over 3.65 billion gallons, up 250.9 million from last year.
The University of Texas Regents faced veteran housing shortages as 2500 to 3000 new student veterans are expected for the March term. A housing committee was authorized to explore using surplus buildings, Quonset huts, and University land to ease the shortage while oil treaty opposition sought by Ghent Sanderford's delegation influenced the university’s permanent fund.
Memphis area oil hopes rise as Humble Oil & Refining starts a derrick on No. 1 Scruggs near the Swearingen community school house. Gardner Bros. Drilling of Dallas holds a 5,000 foot contract for a block spanning about 7,500 acres in Collingsworth and Hall counties. Spudding is set for today following a previous dry wildcat to 6,100 feet.
Railroad Commissioner Ernest O. Thompson of Amarillo predicts energy resources will be supplanted by new power sources before oil and gas run out. He testifies for a Federal Power Commission gas conservation hearing in Houston and urges state regulatory control over gas production and delivery. He advocates limiting federal agency reach to interstate transportation and commerce. He also calls to keep depletion allowances for tax purposes and to avoid double taxation on pressure maintenance and voluntary unitization.
The Bureau of Mines reports January 4 stocks at 218 193 000 barrels, down 725 000 from the prior week. Domestic crude down 713 000 and foreign crude down 12 000. Daily output 4 548 000 barrels, up 74 000. Stills runs 4 651 000, down 78 000. Regional totals show Arkansas 2 512 down 54, northern Louisiana 3 681 up 189, Gulf Coast Louisiana 9 620 down 90, Mississippi 2 267 down 184, Oklahoma 34 258 up 121, East Texas 16 310 down 838, West Texas 32 133 down 343, Gulf Texas 27 793 down 215, other Texas 25 409 up 278.
Oil buyers asked the state railroad commission to raise January and February allocables as producers struggle to meet demand. February nominations reached 2 314 500 barrels daily, with Humbie seeking 57 000 extra barrels. Eastern States Refining, Gulf Oil, Republic Oil and Tidewater Associated Oil also requested increases or altered supply terms. Chairman Culberson questioned cross company cooperation, noting war-era behavior, while bottomhole pressure in East Texas measured 1016.15 psi on Jan 1. An oil order was promised for next week.
The Navy awards a one million dollar contract to Hoover Curtice and Ruby C F Lytle Company and Green Construction for continued exploration of Alaska oil reserve. The survey, begun in 1944, is expected to finish in 1953 at a total cost of eleven and a half million dollars.
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