Business & Finance: Venezuelan Oil

When, in July, oil production in Venezuela surpassed that in Mexico (5,480,204 barrels against 5,235,792 barrels) the matter seemedprobably fortuitous. Last week’s information that in August Venezuela again surpassed Mexico (5,-290,807 barrels against slightly more than 5,000,000 barrels) definitely ranked Venezuela as the third largest oil yielding country, exceeded only by the U. S. and Russia. The largest U. S. corporation working Venezuelan fields is the Lago Oil & Transport Co. (subsidiary of Pan American Petroleum & Transport Co.); larger than Lago is Venezuelan Oil Concessions Ltd. (subsidiary of Royal Dutch). Distance from Lake Maracaibo, Venezuela, to U. S. Atlantic coast ports is 1,500 miles; from Tampico, Mexico, 1,900 miles.