Business & Finance: Heavy Oil

On the Pacific coast last week was Oilman Harry Ford Sinclair, conferring and inspecting. Generally accepted in the oil industry as the objects of his visit were: 1) A merger of Sinclair Consolidated Oil, Prairie Oil & Gas and Rio Grande Oil; 2) sale of Sinclair's eastern retail outlets to Standard of California.

Especially important to oilmen seemed object No. 2, for from California's wells have oozed troubles which have spread over the entire industry. In an attempt to eliminate overproduction by forcing independent operators to limit their output, Standard of California began cutting crude oil prices, sent great quantities of...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!