Word: oil
(lookup in dictionary)
(lookup stats)
Dates: during 1950-1959
Sort By: most recent first
(reverse)
Aside from overproduction, the industry has also compounded its problem by continued overpricing. The general advance in oil prices that accompanied Suez has still not been adjusted downward to normal markets. Though refiners have cut some petroleum products (e.g., gasoline, kerosene), they are in no position to cut prices enough to spur consumption so long as basic crude prices remain high. The price of domestic crude in the U.S., for example, has jumped from $2.84 per bbl. in 1956 to $3.16 today, and producers make no bones about the fact that they prefer to cut production rather than drop prices...
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...
...Foreign oil accounts for about 12% of the U.S. market, deprives U.S. producers of barely 2 bbl. per well daily. But many economists argue that quotas are unfair to a large and growing segment of U.S. business; from a mere handful of companies in 1946, there are now more than 100 firms operating overseas that contribute hundreds of millions of dollars to the U.S. economy each year...
...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...
...revolutionary junta in Venezuela begged the U.S. not to reduce quotas, lest Venezuelans take it as a sign of U.S. disapproval: Import restrictions force such nations to look for new markets that they may not be willing to give up if and when the U.S. needs more foreign oil...