OCR Text |
Show HOLDING DOWN THE I'KODCCTION COSTS The -petroleum industry is preparing pre-paring for one of its most active years. Several consolidations of com panies have taken place with a view to more fully utilizing every drop of crude oil, and eliminating waste wherever possible. There are few industries up-.r. which American people are so dependent de-pendent as they are to oil. In order to supply cheap fuel, it is necessary for oil producers and refiners to Uf.o every means possible to reduce the cost of production. The daily average production of crude oil in the United States, ia now reported at around 1,-29,000 1,-29,000 barrels, approximately 40u, 000 barrels less than daily peak production pro-duction a year ago. . |