04/28/1931
https://www.presidency.ucsb.edu...
"It is obvious that no large proportion of 20,000 oil wells are being drilled on lands under these permits."
"Being fairly familiar with the sentiment of our Western States, I can at once refute the statement that the people of the West object to conservation of oil resources."
"The Government must cease to alienate its oil lands if we are to have conservation."
"Where holders are complying with the law, they need have no anxiety as to retrospective action, but some 34,000 permits for oil exploration by drilling have been issued since the leasing law was passe..."