Word: bbl
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...Last week both the oil and the auto mobile industries had encouraging news about overproduction. Gasoline stocks at refineries had dropped 1,242,000 bbl. to 47,792,000. Crude oil production was down 50,700 bbl. to 2,530,800. Automobile bile dealers recently had under 400,000 cars in stock, only one month's supply. Retail stocks were 23% off compared to June...
...good for the fake oil promoter, the most contemptible human rodent that ever breathed God's pure air." "We have the greatest oil pool in Texas." Ignorant "investors" lost $4,000,000 in the scheme. Where Dr. Cook claimed to have two great gushers producing 20,000 bbl. per day, the U. S. at his trial showed that from all his wells not ten barrels per day could be pumped. The sentencing judge compared him to Ananias and Sapphira...
Behind the drive for a tariff of $1 per bbl. on crude oil were these economic facts: last year the U. S. produced about a billion barrels of oil. Its net imports, free-listed, were about 53,000,000 bbl. Largest importers are Standard of New Jersey, Standard of New York, Gulf, Royal Dutch Shell. When, as a conservation measure, President Hoover tried to induce U. S. oil producers to limit their output, the American Independent Petroleum Association balked. These independent producers argued that it would be futile to limit U. S. oil output so long as the four...
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