Word: bbl
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Dates: during 1930-1939
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...products, hard hit would be Standard Oil Co. of Indiana, big importer. Last week Indiana expanded its foreign markets by acquiring a large interest in Germany's N I T A G (Naphtha Industrie und Tankanlagen Aktiengesellschaft) for $1,100,000. Nitag, a distributing company, handles 420.000 bbl. of petroleum products a year. In future a large part of its needs will be filled by Indiana from its Venezuelan fields and refinery on the Island of Aruba. Last spring Indiana obtained a 50% interest in Petroleum Storage...
...Sterling lifted martial law in four counties to allow the State Railroad Commission to apply a new proration order to an area that almost ruined mid-continent fields with low prices (TIME, Aug 31 et ante). Each East Texas well was allowed to run off not more than 225 bbl. per day.* The Commission's order was expected to cut in half the field's maximum "wild" production of 738,000 bbl. per day. Guardsmen stayed in East Texas to see that proration was obeyed...
Before martial law, East Texas oil was selling for 10? per bbl. As operations resumed last week the posted price...
...Some wells have a capacity of 40,000 bbl...
Only field affected by Governor Sterling's martial law was the East Texas pool where production before closing ran up to 738,050 bbl. or almost half of the entire Mid-Continent output. With this field pinched out temporarily and the Oklahoma shut-in, oilmen figured a reduction of 40% in the total domestic supply this week. Governor Sterling was expected to lift martial law after 30 days when the Texas Railroad Commission, under the new conservation law, would prorate Texas oil production at 880,000 bbl...