The oil situation continues to excite the speculator and puzzle the judicious. No sooner had record crude production been announced (TIME, June 15), than realistic indications of diminished crude output appeared. Oil prices continue to climb, and at length oil shares on the Stock Exchange have come in for a genuine advance.
Of course, the driving force behind this firming tone to the oil industry is this spring's unprecedented consumption of gasoline. On May 1, 1925, stocks of gasoline in the U. S. were 1,561,002,024 gallons—a goodly amount still, although 64,867,000 gallons less than on May 1, 1924. Never since 1920 have...
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