Connally Hot Oil Act

Overproduction? What overproduction?
(Photo courtesy of the American Oil & Gas Historical Society)

(Wikipedia) The Connally Hot Oil Act of 1935 was enacted in the wake of the Supreme Court's decision to strike down Section 9 (c) of the National Industrial Recovery Act (NIRA) in Panama Refining Co. v. Ryan. The act gave the President authority "to prohibit the transportation in interstate and foreign commerce of petroleum... produced or withdrawn from storage in excess of the amount permitted... by any State law." The act was named after Senator Tom Connally. Continued