We import approximately 105 million barrels of petroleum and its products per annum and export about 156 million barrels, the imports coming largely from certain South American and Mexican oil pools.

These negotiations are making favorable progress.

The State authorities of Oklahoma have brought about similar restraint upon an enormous new pool discovered at Oklahoma City.

The question of prorating of imports has been under agitation as also having a bearing upon the problem.

On the 29th of January the Oil Conservation Board recommended to Congress that authority be given to the Federal Trade Commission to effect proration of imports, it being the Board's hope that a proration of production in the foreign pools…

No right may be acquired to the released lands by settlement in advance of entry or otherwise, except strictly in accordance herewith.

In order to prevent enormous waste of gas and oil and to prevent the ruin of the independent oil producers, the Federal Oil Conservation Board brought about over a year ago, under the leadership of Secretary Wilbur, an almost entire…

The Board considers that in the present situation a substantial reduction in imports can be brought about without distributing the price of oil to the consumer, the Atlantic Seaboard can be supplied from domestic storage.

But such action would have little effect, however, unless the east Texas pool shall be prorated on the same basis as other new pools.

No action was taken by Congress upon this recommendation nor upon other plans proposed by the independent oil producers.

On March 5, therefore, the Board, with my approval, requested that importers should each voluntarily prorate their production from foreign pools and their imports into the United States, in order to give mid-continent and California fields…

The consumption of the United States is approximately 900 million barrels per annum, the imports thus representing something over 11 percent and the exports about 16 percent of the total.