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Many U.S. oilmen cry that the greatest single reason for the U.S. oil glut is foreign oil imported into domestic markets (TIME, Aug. 12). Last week the pressure grew so strong that the U.S. Government pulled in another notch on its voluntary import quotas, cut back imports for the U.S. east of the Rockies by 8.8% (from 782,900 to 713,000 bbl. per day) and ordered Government agencies not to buy oil from importers who fail to comply with the quotas...
...import quotas cause all sorts of ruckus abroad. Though the U.S. consumes 55% of the free world's oil. it has only 15% of the free world's reserves, enough to last a dozen years at current production rates. As consumption rises, the U.S. must depend increasingly on foreign oil if it wants to maintain even that slim ration...
...Adnan Menderes seems to feel that even a little is too much, and that he can never have too many clubs to beat the press with. Last November he invoked the well-worn dictator's device of taking over control of all newsprint. Newspapers were forbidden to import any newsprint of their own, thus leaving them at the mercy of the government, which runs Turkey's paper mills. The independent Cumhuriyet of Istanbul is kept down to two or three days' supply of newsprint, thus keeping the editor under a dangling Damocles' sword. The opposition Ulus...
...January and early February, Detroit's automen reported a sharp, continuing sales rise in March, with sales of some cars up as much as 25%. Oilmen, too, thought they might be bottoming out of recession, had cut production drastically to reduce inventories, while many independents clamored for further import cuts (see Oil). Texas cut its April allowable another 120,203 bbl. and scheduled only eight days' production (2,444,571 bbl. daily) for the entire month, the lowest level in history. Although gasoline stocks topped those of 1957, heavy crude oil and heating-oil stocks were coming down...
Even as Venezuela makes the tricky passage from dictatorship to democracy, pressure mounts in the U.S. Congress for a measure that would deal Venezuela a hard economic blow. U.S. crude-oil import restrictions, now on a voluntary basis that has already pinched Venezuela painfully, may be tightened and made mandatory. Unless all Venezuela understands the facts of the dropping oil market, restrictions may seem like U.S. disapproval of Venezuela's democratic trend...