When the Supreme Court invalidated Section 9c of NIRA last fortnight, it was dourly predicted that the oil industry would swiftly revert to pre-Rooseveltian chaos, that a flood of East Texas "hot oil" would sweep the price of crude down from $1 per bbl. to 25ยข.
As headlines died away and the price of crude remained at $1, it became clear last week that the Supreme Court's first anti-New Deal decision was more of a warning to Congress than it was a painful upset to the nation's oil men (see p. 17).
Only immediate result was retirement...
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