For the U.S. oil industry, 1956 was a record year. Oil production and consumption climbed to new levels, yet fresh discoveries boosted the nation's oil and gas known reserves to their highest point in history. Last week a flood of annual reports from the nation's major oil producers showed that company earnings, too, reached record levels in 1956. Among top
U.S. oil firms reporting record earnings: ¶ Shell Oil Co.: $135,847,693 v. $125,531,950 in 1955.
¶51nclair Oil Corp.: $91,070,812 v. $80, 709,954.
¶Cities Service Co.: $62,151,985 v. $49,306,516.
¶5tandard Oil of California: $267,890,801 v. $231,138,655.
¶Gulf Oil Corp.: $282,658,087 v. $218,063,510.
Are such earnings higher than they...