OIL: Petroleum Economy

Said Jersey Standard's President Eugene Holman: "We've got the fuel oil shortage in the East largely licked." Holman and the industry took hope from the fact that more tankers are being put on the Texas-East Coast run. But to New York, which had to borrow oil from the U.S. Navy, and to shivering householders, the shortage seemed far from licked. And even optimistic Mr. Holman conceded that the overall U.S. oil shortage would last for at least another two or three years.

The industry was producing more than ever before. Crude oil production was running at the rate of 5,300,000...

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