Word: bbl
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...dirty word, says flatly that it is undergoing a "mild cyclical adjustment" which is now stabilizing. Production may go down some more, but steelmen expect consumption to remain at current levels as businessmen live off inventories. The oil industry is also cutting back to pare its ultralarge, 283 million-bbl. inventory of oil stocks...
...down the amount of allowable production to hold up the price, and offshore oil has been cut by the general slash. The State of Louisiana, which supplies more than 90% of all offshore oil, has pared its daily offshore allowables from last March's peak of 178,316 bbl. to December's 147,506 bbl...
Magnolia, which is sinking 45 offshore wells this year, is planning only 25 new ones in 1958. Even the two biggest offshore operators, Shell (average offshore output: 45,000 bbl. a day) and California Oil Co.. are leveling off their drilling. California Oil has reduced offshore drilling by 25%. Shell, which has been expanding rapidly, plans to sink only the same number of offshore wells in 1958 as it will in 1957-about...
...slowdown has idled millions of dollars worth of drilling equipment. Humble Oil, which vies with Magnolia as the third biggest offshore producer (12,115 bbl. a day), has only twelve rigs operating in the Gulf now, v. 16 during the first ten months of this year. The powerful CATC oil combine-composed of Continental Oil, Atlantic Refining, Tidewater and Cities Service-last week was working only 15 rigs, v. 19 in August...
GASOLINE PRICE CUTS are in the wind. With the winter season of reduced driving coming on, gasoline stocks are pushing 180 million bbl. v. 173 million bbl. this time last year, and refineries have already shaved ¼? off the price of gas at Gulf ports...