the process is conducted for a period of time between 0 2 and 3 hours and preferably for a period of time between about 0 5 and 1 5 hours the petroleum solvent component in the solubilization mixture is provided in a quantity between about 0 5 and 50 parts by weight per part by weight of the comminuted scrap rubber component normally the preferred ratio will be in the range between about 1 and 20 parts by weight of petroleum solvent per part by weight of scrap rubber typical compositions will contain between about 5 and 30 weight percent rubber the process in accordance with the present invention can produce a wide variety of rubberized pitch like sealant compositions and asphalt compositions as discussed below the pitch compositions exhibit excellent elasticity and adhesiveness over a wide temperature range of 20 u00b0 f up to about 200 u00b0 f these compositions are suitable for use as sealing materials pipe wrapping impregnating compounds pipe lining compounds and for the production of roofing felt and insulating materials and the like they are also suitable for producing asphalt compositions a particularly outstanding type of asphalt composition is produced in accordance with the present invention process by heating and solubilizing an admixture of scrap rubber in petroleum solvent above defined and mixing.