Word: bbl
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...Again. Early this year hopeful Harold Ickes tried again, again had his face pushed in. But with the transfer of some 300 tankers to war service, and the East Coast sub sinkings, oil reserves on the Eastern Seaboard dropped 2,000,000 bbl. a week. Mr. Ickes started digging up and relocating old lines, using second-hand pipe to improve a vastly inadequate system. In May he went to WPB with another plea for steel allocations. There were conferences. WPBoss Donald Nelson emerged from lunch at the White House to declare with finality: "The pipeline is out unless you want...
...Need. The East Coast oil situation was serious. The oil industry estimated average essential daily needs at 1,297,000 bbl., figured the East was going to be 115,000 bbl. short. "Essential" meant just that, even meant cutting down 169,000 bbl. a day, "which could only be eliminated at severe consumer hardship." Something had to give. Something...
...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 costs per barrel of crude to the refinery have...
...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...
...estimates were knocked out by U-boats prowling the East Coast. The East normally uses 1,600,000 bbl. a day, 90% shipped by tanker; now tankers would carry only a fraction of the load, and there was no way to fill the gap. The railroads, working valiantly, got last week's shipments up to 640,000 bbl. a day (see p. 73). Pipelines and inland waterways added only 175,000 bbl. a day. Until new transportation miracles could be performed, the East was out of luck. Even under this week's rationing system, the East will still...