Business & Finance: Oil Prices

Throughout 1936 while other commodities were booming upward the average price of crude oil remained steady around $1.05 per bbl. Late in the year Dan Moran's Continental Oil and Edwin B. Reeser's Barnsdall Oil announced that they would open the play in 1937 with a 17¢ boost. This they did, but their fellow oilmen stayed out of the game, creating a dual price level in mid-continent territory. Then last week the rest of the industry decided to jack their prices not 17¢ but 12¢, and Messrs. Moran & Reeser had to come down. Uniform...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

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