| Show Big hg Oil Shortage Says Barrels 9 He Deci I. I Profits Are Leaping Leap by B 11 fi UCH light w was s thrown on the P pe petroleum petroleum pe- pe M M. M I 1 situation by the statement statement state state- ment of ot E. E li Ii Doheny president presidentS S of ot the Pan-American Pan OH Ott company before the senate committee on commerce com corn merce in Washington h mi Mr Doheny o declared e c that th the action or of the shipping board In diverting oil tankers from their usual routes of transporting transporting transporting trans trans- porting oil from Mexican and other other- oil oilfields oilfields fields to the United States would caus cause an oil shortage equivalent to tons of coal In the fu fuel futi l supplies of ot toe Atlantic coast and that the oil companIes companies com corn panics of ot the United States were mulcted of ot hundreds of ot thousands of ot dollars by the action of ot the board in commandeering commandeer commandeer- ing oil tankers and later reselling them to compan companies s which had IY c I for them says the Industrial an Mining Age Further along in his testimony Mr Doheny made the declaration that production production pro- pro of oil In the United States would would I fall tall short of ot meeting actual needs by fully barrels The continuation continuation continua continua- tion of th the war war he said was largely dependent dependent dependent de de- de- de pendent on the productivity of ot the continua I Mexican can oil f fields elds SHIPS NEEDED TO AVERT CRISIS Necessary action by the shipping board at this time to avert a crisis continued Mr Doheny was that of ot putting into service servIce service ser ser- vice Immediately for tor the transportation of ot oil an adequate number of ot ships to carry oil from the Mexican fields to distrIbuting distributing distributing dis dis- points In the United States One remedy for the scarcity of ot shipping for tor forthe forthe the Mexican oil trade was the withdrawal withdrawal withdrawal with with- of third one-third of the vessels flying lyIng the American flag now engaged In transatlantic transatlantic trans trans- atlantic service Adv Advance ce statistics on on n the country's export of ot crude petroleum and refined products for tor May not only show a gratifying gratl- gratl tyIng lying Increase over the April returns but mark a n new w high value record In the history of ot th the Industry's foreign trade as compared with for tor last November the former banner mark Last months month's shipments amounted to gallons which total has been surpassed on several occasions gallons In December 1917 gallons In June 1917 and gallons gallons gallons gal gal- lons In January 1917 The establishment of ot a new high value mark I In the May Hay I total shipments n n Is be chiefly hl t to the movement of gasoline gasoline gaso gaso- s line and the the comprising the heaviest volume and v value lue totals ever recorded record J I These products which are merged in Jn inthe inthe the advance export summary show a an aggregate of ot gallons compared with gallons April and gallone gallons gallons gal gal- lons lone in May 1917 The prevIous previous previous pre pre- high record for tor naphtha gasoline-naphtha exports was held heId by last November 56 gallons v Sign 1 More than the usual t rf centered In the June record of cj olef v of these products as quotations were withdrawn oni presumably with the purpose o a ot r ing the foreign movement to th thi ties of ot war var for which prices price li fixed with the overseas oversea bulk e under government direction A j Shipments of ot the tho oils fuel service have been c for allied for tor account many n whatever loss loss' may be occasioned f account by the action likely to be fully tully compensated heavily expanding war GASOLINE VITAL FACTOR In almost every phase of at War I gasoline Is entering as a vi vital vIta fac far Its fields of ot efficiency and emert without doubt sufficient to a avery very every ery possible gallon galion that nago nage facilities can deliver t Creditable gains are noted ports of ot lubricating oils and th the n products Including fuel and 1 Illuminating oil stands as the theor credited Item among the ments jb Comparisons for May rray t tand and eleven months of ot tJi the cum previous fiscal years follow M May May- Gasoline it M gin 57 i iValue Value III Lubricating oil gin II 4 Value II Illuminating oil oil gin 34 17 jl Value Crude oil gI gin l mm Value I Residuum products products products prod prod- Value 6 Totals gin 8 Value 12 11 mos mon end ends 1918 t Gasoline naph- naph than thas gin 0 3 M Value 1 Lubricating Jj oils gIn l 01 Sj 41 va Value i 9 6 I JS J Illuminating i oil gin 40 Value JJ Crude oil gin ill Value Ml Residuum products products prod- prod H gIs 1113 Ii Value Jya Total It ZeuS I Value 2 As against n t a c volume I more m f than 1 per pr cd cr t. t j the thet f tal year period comp comI comparisons there corded a value gals of at near nea cent |
