United States produced 1,850,445,000 barrels of crude oil and 160,782,000 barrels of natural-gas liquids or a total of 2,011,227,000 barrels. Despite larger production the total reserves at the end of 1947 were the largest in history. The estimated reserves are conservative as they do not include the following: 1. Oil under the unproved portions of partly developed fields. 2. Oil in untested prospects. 3. Oil that may be present in unknown prospects in regions believed to be generally favorable. 4. Oil that may become available by secondary-recovery methods from fields where such methods have not yet been applied. 5. Oil that may become available through chemical processing of natural gas. 6. Oil that can be made from oil shale, coal, or other substitute sources. It is quite safe to say that to the estimate of close to 25,000,000,000 barrels of known reserves may be added another 75,000,000,000 to be discovered in the United States, making our reserves about 100,000,000,000 barrels. In the Western Hemisphere outside the United States there are perhaps another 150,000,000,000 barrels of crude oil. The most promising of the synthetic fuel industries, though the least important over the long run," is the making of synthetic fuel from natural gas. The cost of manufacture seems to be in line with today's costs of the product from crude oil and plants are being built to process same. There are about 165 trillion cubic feet of known gas reserves. All of this natural gas would not be available for synthetic fuels because much is used in industry and home heating and in the chemical industries. Oil from shale holds out a good prospect to double our reserves when needed. Shale is a solid organic matter containing kerogen. By heating in a retort the kerogen molecule is cracked just as oil is cracked in a refinery and some of it becomes liquid or oil. A representative of the Bureau of Mines estimated that with present known methods oil could be produced from oil shale at from $2 to $2.50 a barrel. Shale is found in large quantities in the United States and it is estimated that there could be recovered some 92,000,000,000 barrels of oil from same. The most abundant raw material for synthetic fuel is coal. The products that can be produced from it are of a grade entirely satisfactory to meet any need or to operate any type of internal-combustion engine. The coal reserves of the United States are about 50 percent of the world's total known coal. It is estimated that the supply is sufficient to last for well over a thousand years. Our oil, gas, shale, and coal reserves seem ample to meet any emergency.48 45 Hearings, pt. 21, pp. 2338-2342. Hearings, pt. 21, p. 2340. "Hearings, pt. 21, p. 2341. "A more detailed hearing on synthetic liquid fuels was held before the House Committee on Interstate and Foreign Commerce on March 4 and 5, 1948, when H. R. 5475 was before that committee. PRESERVING THE COMPETITIVE SYSTEM The competitive system sharpens the mind and intellect of the businessman. It is such a system that has made the United States the greatest commercial Nation of all time. But the competitive system needs safeguards to prevent monopoly. Congress provided for that initially over 50 years ago with the passage of the Sherman Antitrust Act, and since by appropriate amendments such as the Clayton Act and the Robinson-Patman Act. Monopoly can be created initially by an illegal conspiracy or fastened upon an industry whose raw material supply can be cornered or controlled, privately or ostensibly in the public interest. When the Government regulates the supply the tendency of monopoly to increase its hold on an industry is intensified. Vigilant enforcement of existing laws, and constant study of the need for new legislation designed to free the channels of trade from artificial obstructions, is most essential in an industry such as petroleum, whose basic raw product is so carefully regulated by the State governments and their regulation supported by the Federal Government. The continued concentration of the control of the oil industry, from reserves in the ground down through to the tank truck or filling station sale to the consumer, in the hands of a few integrated companies presents a real challenge to American ideas of free enterprise and the preservation of small business. AUTHORIZING THE ADMINISTRATOR OF VETERANS' AFFAIRS TO RECONVEY TO THE HELENA CHAMBER OF COMMERCE CERTAIN DESCRIBED PARCELS OF LAND SITUATED IN THE CITY OF HELENA, MONT. JANUARY 31, 1949.-Ordered to be printed Mr. GEORGE, from the Committee on Finance, submitted the following REPORT [To accompany S. 460] The Committee on Finance, to whom was referred the bill (S. 460) to authorize the Administrator of Veterans' Affairs to reconvey to the Helena Chamber of Commerce certain described parcels of land situated in the city of Helena, Mont., having considered the same, report favorably thereon without amendment, and recommend that the bill do pass. This bill was recommended by the Administrator of Veterans' Affairs and approved by the Bureau of the Budget. GENERAL STATEMENT This bill would authorize the Administrator of Veterans' Affairs to convey to the Helena Chamber of Commerce certain land situated in the city of Helena, Mont. The estimated value of the land is between $10,000 and $15,000 and was donated to the Veterans' Administration in 1947 by the Helena Chamber of Commerce on condition that the land would be used by the Veterans' Administration as a site for a regional office building. It has been determined that the need for establishing this regional office could be eliminated, and the Veterans' Administration has no present or future need for the land donated for this purpose. The chamber of commerce has been advised of this action and has requested the return of the land. The Veterans' Administration is desirous of complying with the request, but such action is not permitted under existing law. No public funds have been expended for improvements since the land has been acquired. The enactment of the bill would not involve expenditures of public funds. S. Repts., 81-1, vol. 1———27 The letter from the Administrator of Veterans' Affairs requesting this legislation is as follows: Hon. ARTHUR H. VANDENBERG, Washington 25, D. C. DECEMBER 2, 1948. DEAR MR. PRESIDENT: Transmitted herewith is a draft of bill entitled, “A bill to authorize the Administrator of Veterans' Affairs to reconvey to the Helena Chamber of Commerce certain described parcels of land situated in the city of Helena, Mont.", with a request that it be introduced and considered for enactment. The purpose of the proposed bill is to provide authorization for the Administrator of Veterans' Affairs to reconvey to the Helena Chamber of Commerce, a corporation, two parcels of land situated in Helena, Mont. In 1947 the Helena Chamber of Commerce acquired and donated to the United States the land described in the drafted bill. Such donation was tendered and accepted upon the assumption that the land would be used by the Veterans' Administration as the site of a regional office building to be erected in the city of Helena. Representations to that effect were made to the chamber of commerce by representatives of the Veterans' Administration. Thereafter it was determined that the need for establishing a regional office at Helena, Mont., could be eliminated by the consolidation of certain Veterans' Administration activities at Fort Harrison, Mont., and that the Veterans' Administration has no present or future need of the land donated by the Helena Chamber of Commerce. The chamber of commerce has been advised of such determination, and has requested the return of the land. Although the Veterans' Administration is desirous of complying with the request, such action is not permitted under existing law. No public funds have been expended for improvements since the land was acquired. The enactment of the proposed bill would not involve the expenditure of public funds. The Veterans' Administration recommends favorable consideration of the proposed legislation. The Bureau of the Budget advised that there would be no objection to the presentation of this proposal to the Congress for its consideration. Sincerely yours, O. W. CLARK, Executive Assistant Administrator (For and in the absence of the Administrator). The committee is in accord with the purposes of the bill and recommend its enactment. O 81ST CONGRESS 1st Session SENATE { REPORT EXTENDING THE TIME FOR FREE ENTRY OF CERTAIN ARTICLES IMPORTED TO PROMOTE INTERNATIONAL GOOD WILL JANUARY 31, 1949.-Ordered to be printed Mr. GEORGE, from the Committee on Finance, submitted the following REPORT To accompany H. J. Res. 88) The Committee on Finance, to whom was referred the joint resolution (H. J. Res. 88) extending the time for free entry of certain articles imported to promote international good will, having considered the same, report favorably thereon without amendment and recommend that the joint resolution do pass. PURPOSE The purpose of this resolution is to extend the time for free entry of certain articles imported to promote international good will. Under existing law (Public Law 769, 80th Cong., 2d sess.) any articles, including approximately 48 railroad cars and incidental equipment donated by the people or Government of the Republic of France for sale for charitable purposes in the United States or for presentation, in the case of railroad equipment, to noncommercial organizations in the United States, prior to January 1, 1949, might have been entered, or withdrawn from warehouse for consumption, free of customs duties, fees, or charges, internal-revenue taxes, and marking or other import requirements or restrictions. This resolution merely extends until June 30, 1949, the permissive free entry or withdrawal of such articles certified by the Secretary of State as being so donated by the French people or Government in promotion of international good will. The people of France are sending to the 48 States of the United States and the District of Columbia a train of 49 freight cars as a gesture of gratitude for the American Freedom Train. These 49 cars will be filled with French merchandise, such as handbags, women's wear, hats, perfume, and other typical products of France. The plan is to deliver one car to the capital of each of the 48 States and the |