Word: crude
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Dates: during 1920-1929
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...ribald and not too subdued chuckle. Also appeared a slight atmosphere of resentment. The idea of doing away with one of the most sacredly cherished of all Harvard institutions seemed almost a sacrilege. At which the Council, perceiving that the time was not yet come, gave over its crude investigations and devoted itself to more subtle amusements...
...bugbear of the oil industries has been the large stocks of both crude oil and gasoline on hand. Yet some months ago, as soon as the excessive preceding production had begun to slow up, prices for both crude and gasoline were rapidly jacked up. The oil men in adopting this policy were obviously trusting that production would remain steady or decline further, while consumption would be record-breaking...
...resulted from this policy of higher prices. Consumption of gasoline, while in heavy volume, has nevertheless been much less than anticipated, owing to the late Spring and the curtailed motoring season. As a result, gasoline stocks, although declining, are still 2,148,577 barrels. But the higher prices for crude at once stimulated higher production. For the week ending Aug. 16, output for the country was 2,029,650 barrels- an increase of 19,000 barrels over the preceding week, and only about 235,000 barrels behind the smashing production of mid-August...
...Pennsylvania buyers are lowering their bid for crude oil, and a lower price level all along the line is expected in some quarters. Only by such means, it is argued, can the large stocks of refined and crude oil be successfully disposed...
Unfortunately, conditions in the oil business got steadily worse, owing to overproduction. Nor has this tendency yet been checked. For the week ending Aug. 9, production of crude increased over the preceding week 5,850 barrels daily. Stocks of both crude and gasoline have become unusually great. Not until these stocks can be reduced and higher prices secured will any lavish dividend policies in the oil business be generally witnessed...