Word: petroleum
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Dates: during 1920-1929
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Statistics for petroleum production in 1923, now completed, show that last year broke all records with an output of 745 million barrels of crude oil, which was 187 million barrels, or a 33% increase over production in 1922. Consumption also broke all records with the figure of 730 million barrels, an increase of 154 million barrels, or 26% over the year preceding...
...Petroleum producers and refiners are beginning to recover somewhat from their blue funk of recent months, and to foresee the day, not far distant, when the heavy stocks of crude oil now accumulated through overproduction can be materially decreased. Oil shares on the New York Stock Exchange have experienced a general recovery, and the price of crude petroleum in several fields is likewise showing a rising tendency...
Consumption of petroleum is slowly but unfailingly on the increase; it is therefore mainly a question of how soon the huge output of oil can be curtailed. On this phase of the question, the expert Joseph E. Pogue recently made several remarks...
...Pogue points out that the ultimate estimated supply of recoverable oil in this country is 11 billion barrels, of which 6 billion barrels have already been extracted. Moreover, the great oil shortage during the war not only induced capital to flow into the petroleum industry, but also greatly improved the efficiency with which engineers and producers discovered and extracted oik The rate of crude oil production has thus been doubled without a substantial increase in drilling operations. These factors naturally led at first to overproduction, low oil prices and depression. But even though this is only temporary, the physical limitation...
While the increasing supplies of crude oil have led to another price-cut in Pennsylvania crude, and in some sections of the country a further lowering in gasoline prices, leading petroleum men are beginning to see blue sky on the horizon again. Standard oil-usually a good judge of such matters-has shown its faith in the future of the oil business by taking advantage of the present slump to buy up producing companies. Furthermore, the Lamp-house-organ of the Standard Oil Co. of New Jersey -now has designated next June as the probable time when consumption would again...