OIL: Biggest Cut

In the biggest oil-production cut in Texas history, the Texas Railroad Commission last week slashed allowable output for July to 13 days, a drop of 384,631 bbl. a day. The state's independent producers seized on the record cut as an opportunity to dramatize the plight of the domestic oil industry, hard pressed by record imports from abroad and steadily mounting crude oil stocks. Four associations of independents fired off telegrams to Washington blaming the production cut on imports, warning that foreign oil is replacing domestic oil.

With that, Senate Majority Leader Lyndon Johnson and Texas' Junior Senator Ralph Yarborough swung...

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!