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Development of Middle East crude oil production is essential to the European Recovery Pro gram. This was the declaration of John R. Suman, director of Standard Oil Company (N.J.), before the Petroleum Division of the American Institute of Min ing and Metallurgical Engineers, meeting in Dallas, Texas. Eastern hemisphere oil re quirements are 2.6 million bar rels daily, while current with drawals from the Middle East are only 1.1 million barrels a day, the Jersey director stated. Europe has little oil of its own, he said, and western hem isphere supplies are limited. “Middle East oil, therefore, must be made available, and any important delay will place an increasing strain on the sup plies of our hemisphere,” Mr. Suman told the meeting. Transportation of Middle East oil to its markets is also im portant, the Jersey Standard director stated. He said on this subject: ‘Questions have been raised as to whether it would be better to build tankers in stead of pipe lines. The an swer is simple. To replace the proposed Tapline transportation (a pipe line across Saudi Ara bia to the east coast of the Mediterranean Sea being built by Trans-Arabian Pipe Line Co.) by tankers would require 12 J. 2 tankers operating steadily be tween Ras ‘Yanura in the Per sian Gulf, around the Arabian Peninsula and through the Suez Canal. The tankers and port fa cilities would require about 565, 400 tons of steel. ‘The pipe line and auxiliary equipment — will need about 323,000 tons of steel. * In addition, he said, oll pass ing through the Suez Canal is burdened with a toll which amounts to about 18 cents a bar rel which must be paid on Mar shall plan or) by the American taxpayer. Outlining the probsible con sumption of off in the world to 1960, Mr. Suman estimated the United States will need 7.4 million barrels daily (present consumption is over §.9 million barrels daily) and the total for the Western Hemisphere would be 9.2 million barrels daily. The Eastern Hemisphere will then require, he estimates, 3.9 mmil lion barrels a day. The importance of the Middle East in meeting this growth in! PAY You got 12 tablets! MORE for 100, 100 for 46c. ACCEPT Than the name pan the name “St. LESS Joseph” guaranteen. ese WORLD'S LARGEST SELLER AT 105
Newspaper Details
Olean Times Herald
Olean, New York, US
Fri, Oct 08, 1948
Page 17
Full Page
Clipped by
Jessica W.
USA 26 Apr 2026
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