OIL IN WAR
From the speculative investor's standpoint oil has so far proved a disappointing war commodity. Instead of the expected steep rise in prices of crude and refined oils, such increases as have taken place have been largely a reflection of higher costs of transport and insurance, leaving f.o.b. prices, with one or two exceptions, only triflingly above pre-war levels. Whether an intensification of war will alter this situation in favour of oil-producers it is hard to say, but in the meantime the American price structure is none too stable. At this week's meeting of Anglo- Ecuadorian Oilfields Mr. H. C. k. Williamson spoke in cautious terms of the earnings outlook which, he reminded shareholders, was bound up with the price of American crude oil. While the crude oil situation was "fairly well in hand," mainly through voluntary efforts, stocks of petrol in the U.S.A. threatened to reach a figure of nearly 100,000,000 barrels by the end of March. That is about 20 per cent. above the desired maximum.
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