Madison County Democrat

An Editorial

WOULD YOU LIKE AN OIL WELL?

"I wish I had an oil well" is a common expression. It's only human to dream of an ideal life, financially speaking, in which all one has to do is sit back and bank the endless stream of dollars that flow from a gusher.

But finding an oil well is an extremely expensive and risky business.

First of all, you'd need a drilling rig costing $300,000 or more. You'd also need a lot more high-priced equipment, including steel casing, scores of bits and reamers, powerful motors, thousands of sacks of cement, and so on down a long list. And you'd have to be prepared to meet the paychecks and other expenses of about 125 well paid technicians and craftsmen, including geologists, exploration crews, drillers, engineers, etc., etc.

Supposing all this was possible in your case, you'd be ready to sink your 10,000 foot hole, a depth which is by no means unusual in oil-drilling nowadays -- many wells are much deeper. But your troubles wouldn't be over. For about 80 per cent of all the wildcat wells drilled in this country turn out to be dry and useless holes. The money they cost is sunk beyond recovery. And many of the remaining 20 percent produce only small quantities of oil, with consequent small rewards.

The oil industry and the oilmen are taking these long-shot gambles every day. And they're taking them for only one reason - the hope of profit if they succeed. Here's a perfect example of how that much criticized profit-motive serves a nation.