Word: oiling
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Dates: during 1950-1959
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...Oil supplies were tighter and demand stronger than at any time since the post-Suez glut. By cutting production, imports and refinery runs in the first half of 1958, oilmen had whittled gasoline and crude-oil inventories to what they consider ideal levels. Last week stocks of gasoline slid to 183 million bbl.-a six-week supply-and crude dropped to 252 million bbl.-a five-week supply. More important, the boom in vacation driving boosted gasoline demand in June 4% above April and May, one of the best gains in twelve months...
While producers in some other industries were shaving prices (see below), oilmen last week felt confident enough to raise bulk gasoline prices on the Gulf Coast by ½? per gal. More increases are coming. Said a Sinclair Oil spokesman: "As the year goes on, higher refined prices will be inevitable because prices now are totally unrealistic in relation to costs...
...OIL...
...hottest petroleum area in the U.S. Each day El Paso Natural Gas Co. piped more than 600 million cu. ft. of natural gas to the Los Angeles market from 3,000 wells; other companies piped huge amounts to the Pacific Northwest, Santa Fe, Albuquerque and Los Alamos. Oil company pipelines sent 120,000 bbls. of oil daily to the West Coast and Texas Gulf refineries from some 750 wells in the area. With great finds in San Juan and Paradox Basin, oilmen counted 300 new gas wells put down in the first half of 1958. They expect another 300 before...
Pockets & Pipes. The Four Corners oil boom is nothing like an oldtime oil rush. Most of the land is in the hands of the federal or state governments or Indian tribal councils, and with leases going for as much as $4,308 an acre (v. $100 or so only two years ago), only the biggest companies can afford to gamble. They are there-in force. El Paso Natural Gas built a $750,000 division headquarters to operate the pipeline, has expanded it three times since 1952. This week or next, Shell Oil moves into a $500,000 headquarters, while Phillips...