Tuesday, December 27, 2011

Commodity Prices

Texans Approve Move to Close Oil Production

Midcontinent oilmen today looked for better times in a distressed industry due to a conservation bill passed by the Texas Legislature and eight days of enforced shutdown of Oklahoma production by Gov. W.H. Murray.

The Texas measure designed to put a stricter curb on oil production was overwhelmingly approved by both houses and signed by Gov. Ross S. Sterling last night a few hours before the adjournment of a 30-day session called by the governor to enact oil legislation. The governor had threatened to follow Murray's example and use martial law to enforce a shutdown if legislators took no action.


The refiners were refusing to pay $1 per barrel. There are 42 gallons per barrel. Emphasis mine.

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