U.S. Leader's Warning On Fuel Supplies
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AN international agreement guaranteeing all • nations free access to world oil reserves was last week suggested by Mr. Harold Ickes, United States Fuel Administrator and Secretary of the Interior., Mr, Ickes, who was addressing the annual meeting of the American Petroleum Institute, urged thatsuch a plan " would contribute greatly -to the 'peace and security of all nations."
At the same time, the further point was made that in order tb assure the United States oil supplies " in the event of another war," the U.S. Government would be ready to help develop foreign oil resources. "We will be able to make available, from present reserves, enough oil to finish this war," said Mr. Ickes; " but we could not possibly oil another war of this size."
Whatever the length of life of U.S. oil reserves—and various estimates of between 20 and 50 years • have been given by recognized authorities—it is a fact that discoveries of new reserves of oil are ecreasing. This has led M. Ickes recently to direct attention,. in the United States, towards the expansion of hydrogenation and other processes for poWer-production, because " oil shipped for the United Nations was two or three times the normal quantity exported."
Moreover, additions -to proved reserves in the 13.-S. for the past few years have been only a third of the annual consumption. This has led Mr. Ickes to express the hope that " the Department of the Interior will lend its assistance in the establishment of new industries based on the utilization 'of coal."