Word: bbl
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Whale oil, unfortunately for whales, is especially valuable in war. It is a cheap source of fats for soap and margarine, and baleen whales yield glycerin for explosives. In World War I, up to 1917, Britain bought 660,000 bbl. of baleen oil for $185 a ton (normal: $120-125 a ton). At that time blockaded Germany was paying $1,500 a ton for such oil as she could get. This time, Britain contracted to take all the Norwegian oil for margarine. Next autumn, whether Norway is German-dominated or not, her great fleet of whaling ships will...
...tankers to her own, can haul its Near East oil around the Cape of Good Hope, and is not likely to spend precious foreign exchange buying U. S. oil until she has to. And while Sinclair's deal is for 20,000,000-30,000,000 bbl. of Mexican oil, his Consolidated Oil Corp. will take it out of Mexico at a rate of not more than 400,000 bbl. a month-which, for Texas or California, would not be a respectable day's production...
...problem: how to get their domestic supply in hand. For months the U. S., which last year produced 62% of the world's oil, has turned out more gasoline than it can sell or use. Last week's tabulation set the inventory glut at 102,452,000 bbl., up an astonishing 44% from last year's none-too-low September bottom, down only .4% from a record top the week before...
...tabulated their seismographic readings and quietly reported that there was OIL. Pure Oil's hand was tipped to other operators early in 1937 when it began to buy up Illinois leases. Today Illinois is the No. 3 U. S. oil-producing State. Her daily production (around 430,000 bbl.) is more than enough to satisfy the estimated present needs of France and Britain combined. It is around 30% of Texas' output, 70% of California's, 105% of Oklahoma's. Scrambling in a devil-take-the-hindmost race to get the oil out of the ground, Illinois...
...naval stores industry was still worried last week. On its chief market (Savannah, Ga.) turpentine was selling for 29? a gallon, rosin from $4-$6.10 a barrel. World War II had crimped exports to a point where factors figured they would be lucky to ship 250,000 bbl. of rosin (50% of '39), 7.000,000 gallons of turpentine (75% of '39) abroad this year. Although surplus stocks of turpentine are down, warehouses groaned with a staggering 1,200,000 bbl. of rosin. Main hope is for a better market...