Page 5 Advertisements Column 1

Chronicle (Levin), 19 November 1949, Page 5

Though American equipment is to be provided by the economic Co-opera"-tion Administration to extend oil refin " ing facilities in the sterling area, it is stated a.uthoritatively that limitaton of the usc of oil will still be neeessary for some time in all sterling area coun tries. Oil companies in this area still do not produce sufficient%iuahtities~of *petroleum products to meet its essential requirements and maintain exports to foreign countries to earn foreign e?;change. A substantial net deficiency has to be made up by American companies and these supplies are no less than onethird of the sterling area's consump tion. The sterling area maintains its dollar resources iji a ceutral "pool and any demand upon it reacts upon the sterling area as a whole. Deyaluation has also' increased the priOe bf petl'Ol , eum.