| Show OIL REFINERIES FACE PACE LOSS Opening its inquiry into gasoline prices prices the senate manufactures committee was told by R. R L. L Welch Velch secretary and counsel of the American Ameri Ameri- can Petroleum institute that refiners refiners ers in iii the United States as a whole had iad produced gasoline and other petroleum petroleum petroleum pe pe- products at a loss since late laten n 1920 The recent declines In gasoline prices were were attributed bythe by bythe the he witness to reductions in crude oil on values The maintenance of the market In aid Mr 11 Welch Velch was due tann to ta toan toan an nn apprehension that production In some Mexican fields was due for a rapid decline There was also tho the apprehension Mr Welch Velch added whether tho the domestic production oil would be at a high enough rate to meet the requirements of oC domestic consumption and exports If the Mexican Mexican Mexican can crude production fell off art as was expected However the development of a series of oC important pools in the and California has increased increased increased in in- creased the current supply of ot crude to a point where In connection with the crude oil stocks on hand band there I Is no longer any need for apprehension sion regarding a sufficient supply to I meet present demands Mr Welch Velch told the committee that hat hati i It It seems reasonably apparent that tho the continuity of supply will be be largely dependent upon the discovery j J Jot of ot new v and Important pools J |
