The U.S. oil industry was caught last week in a pinch that had the oilmen howling for relief. Instead of the usual 4%-5% annual increase in domestic oil demand, consumption has edged up only 1%, pushing surplus stocks of petroleum products to 723.9 million bbl. by the end of September, nearly 43 million bbl. more than during the same period last year. Oilmen everywhere cut back exploration for new wells, and prices slumped sharply. With more oil than it can sell, Ohio Oil Co. shaved its bids for new supplies of Wyoming heavy crude by 8ยข per bbl. and...
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