OIL: Wildcatters Wanted

The U.S. does not have so much oil as most people think.

This alarming news came out of the 22nd annual American Petroleum Institute meeting held last week in San Francisco's Palace and St. Francis hotels. For five days the 3,000 attending oilmen attended round tables, listened to technical lecturers (and a slam-bang harangue by Oil Tsar Ickes), played golf at Del Monte, cavorted with Chinese-costumed information girls. The hotel's 40-ft. bar was so jammed that thirsty newsmen had to fight for a drink.

Up rose Ickes' deputy Ralph K. Davies. He warned...

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