Word: crude-oil
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...high; in all, estimated 5,000 wells will be sunk this year, a whopping 1,500 over last year's record high. As OPA sent its plan along to Stabilizer Vinson for approval, it hoped that it had taken the steam out of the drive for an overall crude-oil price increase...
...nation with about half of the known crude-oil reserves of the world and two thirds of the total production, it seems almost incredible to the layman that any shortage [of gasoline] can exist...
Alternatives. To make up the deficit, cautious Mr. Wiess has no painless cureall, only alternatives. They are: 1) stimulate the drilling of oil wells and exploration for new fields by raising crude-oil prices (or lowering taxes); 2) increase oil imports; 3) reduce civilian consumption by more drastic rationing...
...encourage oil production in the Eastern States-and thus get more oil where it is needed most-OPA lifted Pennsylvania grade crude-oil prices 25? a bbl. (about 10%). To offset higher transportation costs (by rail instead of tanker), OPA also approved a ½?-a-gallon boost in Atlantic coast retail gasoline prices (except in Florida and Georgia...
...blue peter fluttered from yardarms at sunny San Diego and Houston, at blustery Halifax, at hot Aruba and Bahrein. The tanker fleets of the United Nations were busy. Even if the Dutch East Indies were lost, the Allies would still control 93% of the world's crude-oil production, 88% of refining facilities, almost 90% of tanker tonnage...