OIL: A Shortage, an If

Tanker shipments of oil to the U.S. Eastern Seaboard were 40% below demand last week. In New York City, the normal two months' stock of heating oil was down to a few days' supply. Between torpedoes and tanker diversion, the Eastern oil shortage (TIME, March 2) was getting acute.

In Texas, whose problem was always overproduction, storage stocks climbed at the rate of nearly 300,000 barrels a day. In announcing the March allowable, Railroad Commissioner Jerry Sadler admitted it was more than could be shipped. Big Humble Oil (S.O.N.J. subsidiary) cut its...

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