OIL: End of Europe's Crisis

Despite Office of Defense Mobilization advice that Europe cannot yet depend on Middle Eastern oil, the Texas Railroad Commission last week sharply cut daily Texas output by 224,710 bbl. to 3,564.665 bbl. The commission, which had reluctantly boosted production a month ago, acted on reports of a surplus in U.S. crude that could cut domestic prices all down the line. In addition to an estimate from the Bureau of Mines that daily U.S. demand for April will decrease 425,000 bbl., the commission heard testimony from major refiners that oil lifters (shippers in the emergency oil lift) cannot find...

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