CRUDE OIL
OVER-PRODUCTION IN U.S.A
AUCKLAND, August 26
“ Petrol is down in price as low as it can get.” This statement was made this morning by Mr J. E. Gray, managing director of the Atlantic Union Oil Company, who is a through pashmger by the Niagara. He has spent three years in Australia and New Zealand on organisation business and his next move will he to Germany to consolidate his business there.
‘‘Crude oil,” said Mr Grey, “ is being very much over-produced at the present time. All sorts of schemes have been set bn foot to get the producers together and agreements have been made, but in every instance they have been broken. To-day every company in the business is producing feverishly. The price per barrel has come down three shillings and this
is an unremunerative price to the small producer. As far as refined oil iS concerned, it is lower than it. should be, and there is not much chance of a drop for some time, and that will only be when the latest methods are
adopted generally. Many oempanies are now losing heavily, and the situation in California is serious to-day.”
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/HOG19290828.2.61
Bibliographic details
Ngā taipitopito pukapuka
Hokitika Guardian, 28 August 1929, Page 6
Word count
Tapeke kupu
193CRUDE OIL Hokitika Guardian, 28 August 1929, Page 6
Using this item
Te whakamahi i tēnei tūemi
The Greymouth Evening Star Co Ltd is the copyright owner for the Hokitika Guardian. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of the Greymouth Evening Star Co Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in