Mortgaging the Future

THE following statement is contained in an article entitled "Mortgaging the Future." by Walter C. Teagle, president of the Standard Oil Co. of New Jer-sey, appearing in the current issue of the Lamp, the official organ of the Standard Oil Co.: "During the last eight months the domestic daily production. of crude oil has risen 300,000 bbl.. which means that no less a volume than 2,500,000 bbl. now are coming to market each day. . . . Every twenty-four hours 250,000 bbl. more than the consumer required are being added to our surplus oil storage. The temporary advantage of cheap petroleum products and the availability of fuel .oil, for a widespread use as a substitute for coal are not being weighed against the time when scarcity may follow on the heels of plenty and the public of tomor-row may have to pay for today's excesses. The over-production of crude and its consequences constitute a problem of national import which far outweighs the temporary advantages either to a part of the industry or to sections of the public.