Word: petroleum
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Dates: during 1920-1929
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...world production of petroleum in 1924 is estimated at 1,013,139,000 barrels. This is a new maximum record, since it squeezes ahead of the great 1923 annual output by 2,144,000 barrels. It is almost double the 1919 output of 544,885,000 barrels...
...again proved the largest petroleum producer, with a 1924 out put of 714,000,000 barrels, or 70.5% of the world's total. This was less than the 1923 record output of 732,407,000 barrels, but compares favorably with 557,531,000 barrels in 1922 and 472,183,000 barrels...
Increases were: lumber (20%), coal (40%), petroleum (18%), martensite † (80%), iron ore (112%), copper (60%), manganese (45%), textiles (35%-50%), flax fabric (35%), matches (30%), rolled iron (50%), pig iron (122%), steel (35%), hides (3%), raw sugar (40%), cotton crop (800% within a two-year period...
Evidently the petroleum industry is slated for interesting developments in 1925, despite the fact that last year saw the most stabilized situation in oil for many years. For the first time since 1906, domestic crude production failed to exceed that of the preceding year−mainly the result of the decline in flush California output by 32,812,000 barrels from the total established in 1923. Crude oil storage increased 19,000,000 barrels, against 79,578,000 in 1923 and 79,000,000 in 1922. Meanwhile, the record of annual demand for petroleum products was again broken last year...
...Julian D. Sears of the Geo logical Survey warned the engineers that they must find more economical means of producing, refining and using petroleum and predicted that the 1924 production of crude oil would fall 32,000,000 barrels behind the demand...