New York, Sept. 14, Over-production of crude oil to the extent of 60,000,000 barrels daring the current year is predicted by "The-Lamp," official publication of the Standard Oil Company New Jersey.
This over-production will follow an accumulation of 8,400,000 barrels of gasoline in the first six months of the year.
According to the article on "The Over-Zealous Refiner," from which figures are taken, gasoline accumuation in the first six months of the year was six times greater than in the corresponding season of 1928, despite the fact that gasoline consumption increased 16.38 per cent. in that period In spite of this record-breaking consumption, the over-production is ineressing, and of this the article has this to say Since overproduction starts at the mouth of the well, Jet use see what the producer has done to prevent himself from earning a fair return on his capital and skill. In the first half of the year 1929, 45,000,000 barrels of crude oil went into storage, and it is esti mated that during the latter half of the year there will be a fur ther addition of at least 15,000,000 barrels. This means that after taking care of every barrel of increased consumption there will be over-produced in the United States this year an average of 5,000,000 barrels per month,
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