Business & Finance: Gasoline Surplus

The heavy production of petroleum has affected the prices for crude oil less than that of gasoline. The latter is now lower than at any time since 1915; crude oil sold in that year at 60¢ a barrel, and is now $1.50 a barrel. This disparity results from the fine quality of oil produced in California and the midcontinent; it is light and easily refined, yielding 20% to 30% gasoline, compared with 15% previously obtained by producers. An important factor has also been the improvement of refining methods, whereby the proportion of gasoline...

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