OLSEN EXHIBIT NO. 1

STATEMENT OF G. A. OLSEN, PRESIDENT, SUNLAND REFINING CORP.

Sunland Refining Corp., of which the undersigned is president, operates a small refinery at Bakersfield, Calif., and markets petroleum products throughout central California and, to some extent, in northern and southern California. Sunland's products are sold to dealers, commercial accounts, and farmers— either by direct distribution or via commission agents.

Sunland has been in the petroleum marketing business since 1923 and the undersigned has been actively involved in the marketing of Sunland products during the entire period.

From my years of experience in gasoline marketing, there is a deep question in my mind that the Federal Trade Commission, or any other government authority, can produce a set of rules and regulations covering the marketing of gasoline and motor fuels which would meet with the approval of any great segment of the industry; nevertheless, I would certainly like to believe that, if the Commission deems regulations necessary after considering the evidence presented at this hearing, any such regulations would be simple, straightforward, and readily understood by everyone concerned and not involve the Commission with the problem of policing the industry's actions in the marketplace or, in turn, saddle the industry with a multitude of unnecessary or unrealistic rules and regulations.

It is my firm opinion and recommendation that, if regulations are considered necessary by the Commission as a result of this hearing, both the Commission and the industry can best be served by the following simple formula:

1. That every marketer of gasoline and motor fuels (whether a retailer, a distributor, jobber, broker, or refiner) be required to post at each place of business his prices to all classes of trade, including retail prices, tank wagon, transport, tank car, or on any other type of delivery to consumers, dealers, commercial accounts, or farmers. Such posted prices should include any bracket system involved for various quantity deliveries, as well as discounts, give-aways, trading stamps, etc.

In addition to posting such prices where they may be readily viewed by customers or anyone else interested in seeing them, he should be required to record a copy of same with the county recorder, county clerk, or other designated recording agencies in the county or parish in which such products are sold.

2. Sales to governmental agencies at all levels, as well as to other manufacturers and refiners, should be exempted from such suggested controls.

3. I would also suggest that any marketer of gasoline or motor fuel be required to record any change of prices which he may contemplate making before placing same into effect.

It is my belief that such a simple regulation, as suggested, which can be produced on one letter-sized piece of paper, would be very effective in obtaining the results desired by those who have requested this hearing and would, in no way, dstroy competition in the marketplace or the free enterprise system which every oil marketer cherishes for himself.

Respectfully submitted.

G. A. OLSEN.