OCR Text |
Show $ PETROLEUM SUPPLY TO BE AMPLE FOR CURRENT USE Although petroleum supplies of record proportions will be available avail-able to the nation during the coming com-ing year, according to an official estimate released today, "The race to meet the enormous increase in consumption will be close," William Wil-liam R. Boyd, Jr., president of the American Petroleum Institute, said in a message to J. D. Moyle in making public a report of the institute's national oil policy committee. com-mittee. Mr. Moyle is Utah chairman chair-man of the Rocky Mountain division di-vision of the Oil Industry Information Informa-tion committee. The committe'e estimates the total supply of petroleum available to meet domestic consumption for the 12 months period starting April 1, 1948, will average 6,025,-000 6,025,-000 barrels a day, or approximately approxi-mately 8 percent above the demand de-mand in the similar period starting start-ing April 1, 1947. "But, even with this increase, supply and demand promise to be in delicate balance," Mr. Boyd stated. This estimate is based in part upon the forecast of thd U. S. Bureau of Mines that, for this period, imports of oil will average 102,000 barrels per day more than exports. |