"The nation is in a grave situation with respect to its petroleum. The national defense is in a precarious position." So keened the House's Armed Services Committee last week. Oilmen did not think things were quite that bad. But they were worried.
Demand for gasoline this year is running about 9% over last year's alltime high—and the summer peak is still ahead. U.S. stocks are up almost as much (to in million barrels), but they are unevenly stored. The shortage of transportation has already caused some "dry spots," notably in Baltimore and Washington. If demand increases, oilmen estimate that supply will...
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