FLOOD OF OIL.
AMERICAN OVER-PRODUCTION
The news cabled from Sydney that Russian petroleum, if introduced on the Australian market, might cause a price-cutting war, ie of special interest in view of the fact that America is at present faced with too heavy supplies. Under such conditions" surplus oil might be sent to Australia to fight, the Russian competition.
No less than 16,000 public companies and private firms are producing oil in the United States, -with the result that heavy stocks have accumulated. In 1925 the output in the United States totalled 760.058,853 forty-two-gallon barrels. In 1928 it reached 901,474,000 barrels, and in 1929 1,001.701,574 barrels. The estimated total for 1930 was 914,174,043 barrels.
On October 1. 1930, there were 417.557.000 barrels of crude oil stored in the United States, also 38,242,000 barrels of gasoline, making a total of 678,508,000.
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Bibliographic details
Auckland Star, Volume LXII, Issue 82, 8 April 1931, Page 3
Word Count
139FLOOD OF OIL. Auckland Star, Volume LXII, Issue 82, 8 April 1931, Page 3
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