OIL: Less & Less

"For a nation with about half of the known crude-oil reserves of the world and two thirds of the total production, it seems almost incredible to the layman that any shortage [of gasoline] can exist."

Thus chunky, shaggy-headed Harry Carothers Wiess, president of Humble Oil & Refining Co., nutshelled the current confusion over oil. Just as neatly, oil-wise Mr. Wiess, whose company (a Standard Oil Co. of New Jersey subsidiary) is one of the U.S.'s biggest oil producers, last week set forth figures to drive home to the layman a still-incredible fact...

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!