In regard to petrol, the American [oil industry entered the heavy consuming season this year with record-breaking stocks. This was due to the fact that the growth in demand for fuel oil had necessitated the running of larger. quantities of crude to stills, [and in the manufacture of fuel oil there was an excess production of petroL Definite progress has been made in reducing petrol stocks, largely because of curtailed allowable production of crude oil in leading producing States and in reflection of smaller runs of crude to still At their present level of 69,244,000 barrels, petrol stocks are equal to slightly more than forty-four days' supply, whereas those held a year earlier represented about forty-three days' requirements. Domestic demand for petrol in the United States in the first six months of this year was at a new high record, showing an increase of one-half of one per cent. over that for the first half of 1937. American crude oil exports are mounting steadily, and will probably reach a record level this year. In the first seven months 47,000,000 barrels were exported, an advance of 36 per cent. on the previous year. Petrol export over that period totalled 28,000,000 barrels, an increase of 39 per cent.
Text read from the printed page and cleaned; old type leaves the occasional error.