Salt Lake Telegram | 1929-10-21 | Page 8 | Price of Crude Oil to be Cut in California

Price of Crude V V Oil to to- to toBe Be Be- Cut CutIn ii In InV California SAX FRANCISCO Oct 21 AP Drastic price cuts for for- V crudo oil need faced the great great California California Industry t oday th when it became known that ho Shell Oil company would lol- lol the action othe Standard Oil ot California Ion bidar roughly 50 per cent of Shell Shell- company said ho schedule set by Standard would be c followed bv by Shell as a matter of course The Union Oil company also als' vas expected to announce a tile ile of price c cuti t affecting fields not dominated dominated- by Standard The The- remaining purchasers were expected to fall Into line with the tue that many small Independents would be forced sharply to limit output V V Necessity of Ing tile the rate of production of crude grew from of stores which storage stor- stor age facilities placing supply stead stead- ly fly above demands thereby thereby- giving the industry touch of acute economic eco V indigestion New prices which V vary In accordance accord accord- ance atice with gravity o of the the oils brought cuts cute of 50 tO to 17 cents a barrel at Signal fill titta Fo Va Springs and Seal Beach Santi Santa Santa-Fe Fe Springs cuts Cute ranged between 70 O ind 75 cents Seal Bench Beach HO O and SI lit cents and Sig Signal nat nal Hill SO 50 and 60 cents A