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...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!