John D. Stone, Petroleum Industry Chemicals of Baroid Division of National Lead Company
Over 40 years ago, the late President Hoover set forth a creed which is perhaps even more applicable today than when he said: "It is only through the elimination of waste and the increase in our national efficiency that we can hope to lower the cost of living, on the one hand, and raise our standards of living, on the other. The elimination of waste is a total asset. It has no liabilities."" This is the creed by which we in the oil industry are trying to live when we attack the problem of corrosion losses or waste in oil and gas producing equipment. A cynic might say that we in the chemical industry are merely trying to increase our sales and profits while you in the producing industry are merely trying to reduce your lifting costs thereby increasing your profits. Such a statement would be true, of course, and what better way is there to "increase our national efficiency?"