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.

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

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

Coincident with these efforts, the State commissions working with other producers of California, Oklahoma, and Texas, brought about proration agreements amongst themselves.

It it believed that if these two results could be brought about, the industry will soon readjust itself.

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

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

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.

I haven't anything of startling interest.