Word: tankers
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Reason for these losses (and for rationing) is the tanker shortage. The big shift from water to land transportation has quadrupled oil freight costs or worse, accounting for $100,000,000 of the loss. (The rest comes from reduced refinery volume, etc.) Secretary Ickes last week told how the oil companies bought crude in Texas for 85? a bbl., paid $1.65 rail shipping costs, then sold it at a price-fixed $1.80 for a net loss of 70? a bbl. Atlantic Refining showed first-quarter profits of only $1,237,000 ($2,600,000 a year ago), explained that delivery...
...cost of shipping oil by tanker from Texas to the East Coast is only 30-40? a bbl., and 90% of it is normally tanker-borne. But tankers aren't running now. That there is any oil in the East at all is a credit to the railroads. By feverishly shuttling tank cars across the continent, they have boosted deliveries from pre-Pearl Harbor's 70,000 bbl. daily to a titanic 640,000 bbl.-more than the most optimistic estimates ever made, but not enough. The East needs almost twice that much for minimum essential uses. This...
...like this. With her blue-&-white Argentine merchant flag floating free, ARGENTINA and a painted flag enormous on her flanks, the brand-new, U.S.-built, 12,500-ton tanker Victoria, Felix G. D. Salomone, Master, tanks blown full of Argentine linseed, was clipping along northbound 300 miles off Cape Hatteras. Just before sundown one day, a torpedo smacked into her 30 feet aft of amidships. Deck plates buckled, but her all-welded Albany hull stood up: the bulkheads of the tanks were unbreached...
...disclosed that only one merchant ship--a tanker--was attacked by a submersible, marking one of the quietest weeks since the underseas warfare burst upon the Atlantic coast in mid-January. He emphasized, however, that too much significance should not be attached to this, that the Germans have a habit of attacking in periodic waves
...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...