Word: crude-oil
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...CRUDE-OIL IMPORTS must be cut, warns ODM. With industry planning imports of 352,000 bbls. daily v. 287,000 maximum advised by Government, ODM has notified industry of its "real concern" about effects on domestic production, hints it may seek import curbs if industry persists...
Defense Mobilizer Arthur S. Flemming last week handed U.S. oil companies a knotty problem. Foreign oil, said he, is coming into the country too fast. If U.S. companies want to avoid their first taste of Government import curbs, they must cut crude-oil imports voluntarily by 7% during the last quarter of 1955 and the first of 1956. A House Judiciary subcommittee promptly let out a shout of warning. Asked the subcommittee: How could the oil companies comply without acting in concert and thus violating antitrust laws? Flemming pointed out that he had merely made a suggestion...
Nevertheless, Flemming made it clear that, one way or another, imports must slow down. Too much imported oil, the Administration feels, could discourage growth of domestic exploration and production. Early this year the Administration decided that 1955 crude-oil imports should be roughly 10% of 1954 domestic production. Flemming figures that this year's April-December imports will average about 740,000 bbls. a day. Approximately half that amount will be Canadian and Venezuelan oil, which is exempt from these quotas. The remaining 370,000, Flemming calculates, must be cut by 7%, or 26,000 bbls...
...electric power output went up 10%, manufacturing increased 9.8%, crude-oil production...
WEST GERMAN OIL industry is making a rousing comeback. New and rebuilt refineries are turning out 10,-500,000 tons (74,808,300 barrels) a year (12% of all European production), and crude-oil production is up to nearly 2,500,000 tons a year, one-third of domestic consumption...