Business: Oil Up

"For the first time in 17 or 18 months, crude-oil stocks above ground are pretty much what they ought to be." So last week said Ernest O. Thompson, senior member of the Texas Railroad Commission, which controls 45% of U.S. output. Texas oilmen freely predicted that their monthly production schedules, limited in July to nine days, will soon be raised to ten or twelve days.

Oil supplies were tighter and demand stronger than at any time since the post-Suez glut. By cutting production, imports and refinery runs in the first half of 1958, oilmen had whittled gasoline and crude-oil inventories to what...

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