Word: bbl
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...than anybody had had the courage to go before. Later the company discovered and developed the High Island Field in Galveston County. Today Yount-Lee is the biggest independent oil producer in the South, with 283,000 acres of oil lands and leases and 250 wells producing 20,000 bbl. a day under proration. All of the original backers are still in the company except Founder Yount who died in 1933 leaving his Yount-Lee stock to his widow...
...small independent oil company producing less than 4,000,000 bbl. a year is Simms Petroleum Co. of Texas. In 1929 it was making a tidy profit of $2,300,000. In 1931 it lost $2,651,000. Last October the company withdrew from the retail gasoline business, sold its service stations. Marketing activities practically ceased, two refineries were shut down. Last week Simms Petroleum sought permission from its stockholders to sell its chief subsidiary and biggest asset, Simms Oil Co., owner of most of the parent concern's oil properties, to Tide Water...
...exchanges were exciting markets during the last quarter of the 19th Century. The Oil City, Pa. Exchange boasted a hectic day in 1884 when 29,006,000 bbl. of crude were sold. But trading was precarious when crude prices, notoriously unstable, often jumped from $2.75 a bbl. one year to $20 the next. When the Oil City Exchange, last of the big markets, closed in 1892, oil became the third of U. S. industry's most basic commodities not traded on any exchange...
...when the New York Commodity Exchange inaugurated trading in crude oil and gasoline futures, giving oil traders a chance to protect themselves against price changes by hedging. Selected as the basic oil for exchange contracts was mid-continent crude of 36 gravity which has been quoted at $1 per bbl. since September 1933. Sales for the first day were 14,000 bbl. at from $1.18 for July delivery to $1.25 for June delivery. Gasoline sold at from 5.78? to 5.98? per gal. Trading in oil and gasoline brought the number of commodities bought & sold on U. S. Exchanges...
...advice of the Tariff Commission President Roosevelt cut the duty on imported beer from $31 to $15.50 per bbl. That still left the rate $10.50 per bbl. higher than the tax on domestic beer...