AMERICAN OIL IMPORTS

Otago Daily Times, Issue 27404, 1 June 1950, Page 7

AMERICAN OIL IMPORTS

Restrictions By Britain PROBLEM REMAINS NZPA Special Correspondent Rec. 8 p.m. LONDON, May 31. United States oil executives state that, while Britain has ended petrol rationing, the “ basic problem ” of her “restrictions” against American oil companies still remains, says the New York correspondent of the Financial Times. A , . .. The executives ‘were quoted by the New York Journal of Commerce as saying that they are “ delighted ” to supply more petrol to Britain and the rest of the sterling area under the new payment-in-sterling . agreement with American companies. But, they said, this plan, which made possible the end of British rationing, should not be confused with the restrictions problem, “ which has not been touched at all. One official described the new British action as an “interim arrangement.” Officials of the California Texas (Caltex) Oil Company said the new arrangements did alter Britain’s existing substitution programme. Under this 10 per cent, of American petrol imports into the sterling area and 100 per cent, of their fuel oil imports were replaced with supplies from British companies. . _ T The Standard Oil Company of New Jersey said the latest plan was merely intended to cover the period between now and 1952, when a large new refinery in England would be comP *Biri the executives are agreed that the abolition of rationing was a healthy step towards eliminating the growing surplus of non-dollar petrol resulting from Britain’s restrictions on dollar pil imports. . , . Government oil experts in Washington now believe, adds the Financial Times, that the lifting of rationing by Britain makes the chances of an overall oil solution “very encouraging. One official associated with the AngloAmerican talks said: “We can hope for a speedy settlement now.” The acting oil chief for the Economic Co-operation Administration, Mr Cornelius Dwyer, said it was possible that the dollar oil question might be settled without any American Government action at all. He explained that a solution might be reached by direct negotiations between the American oil companies concerned and Britain.