Petroleum Surplus

Petroleum companies are struggling with the same problem of overproduction which is harassing the wheat farmers, but with decidedly more effective methods. Instead of urging Congress to set minimum prices, purchase and store surplus stocks or grant other favors, the oil men are rearranging their plans in accordance with economic principles. Far from seeking Government aid, they will be satisfied if federal investigations and red tape are not added to their other current difficulties.

Provisions are being made, particularly in the California fields, to store surplus crude oil, and by avoiding an abnormal increase in refining to prevent prices of gasoline and other products from break- ing to dangerous low levels. Some 30 Mid-Western refineries, including the Marland Refining Company's stills at Ponca City, Okla., are re- ported as closed during August. The principal exception to this general policy has been the Sinclair Co., which has recently opened its expanded refineries at Coffeyville, Kans.