Eight days after entering the White House, President Hoover announced a sweeping new policy for oil conservation on the public domain. Aware of petroleum overproduction, he ordered his Secretary of the Interior, Dr. Ray Lyman Wilbur, virtually to suspend the U. S. Leasing Act of 1920. Secretary Wilbur promptly executed the new policy by: 1) refusing to make new government oil leases; 2) rejecting most of the 20,000 applications for Federal permits to prospect for oil on the public domain; 3) revoking inactive permits already issued; 4)...

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