The story of Pittsburgh: Petroleum and natural gas : in two parts

Petroleum and natural gas : in two parts (Vol. 1, nr. 10)

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Multivolume work

Identifikator:: 1831622599

Document type:: Multivolume work

Title:: The story of Pittsburgh

Place of publication:: Pittsburgh

Publisher:: First National Bank

Year of publication:: 1919-1930

Collection:: Economics Books

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Volume

Identifikator:: 1831623455

URN:: urn:nbn:de:zbw-retromon-239811

Document type:: Volume

Title:: Petroleum and natural gas : in two parts

Volume count:: Vol. 1, nr. 10

Place of publication:: Pittsburgh

Publisher:: First National Bank

Year of publication:: 1923

Scope:: [ca. 24] Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Petroleum and Natural Gas

Collection:: Economics Books

Butler and Armstrong counties. Within 15 years production had grown to nearly 30,000 barrels a day. Late in 1874 the initial well of the great Bradford oil field was opened, and for three years this new district, which covered over 100,000 acres, was the scene of great activity. Production increased at a rapid rate, until in July, 1880, the Bradford field yielded 100,000 barrels a day. Of this large quantity, about 80,000 barrels were run into the storage tanks of the transportation companies, while the remainder was lost. Later came the discovery of gushers in Warren and Butler counties, and since then oil has been found in many parts of the United States, Mexico, South America, and other portions of the globe. The production of 2000 barrels in 1859, grew, with oc- casional recessions in totals, until in the year 1917, the total was 335,315,600, with a valuation of $522,635,213. Coming down to later years, the United States Geological Survey, in a publication dated May 26, 1923, gives the petroleum pro- duction of the year 1921 at 472,183,000 barrels. Very remarkable has been the expansion of the petroleum industry in the last two years, for the American Petroleum Institute, which issues weekly reports on the oil trade, esti- mates the production of crude oil in the United States, in the week ending October 27, 1923, at 2,265,900 barrels daily, or on the annual basis of a production of 827,053,500 barrels. As one can easily guess from the number of motor cars in use, the consumption of gasoline is enormous. A report from the United States Bureau of Mines puts the consump- tion of gasoline for the first quarter of 1923, which includes exports, at 1,447,760,000 gallons, and from this it figures that the total consumption for the year will be between 7,900,000,- 000 and 8,500,000,000 gallons. This is based on the fact that since the date of the first government statistics on gasoline consumption, the demand in the first quarter of the year has never been less than 179%, and never more than 18.25%, of the total consumption for the year. The report goes on to say that the production of gasoline in the first three months of 1928 was the largest on record, and at the annual rate of 7,400,000,000 gallons. Total stocks of gasoline January 1 were 883,792,861 gallons. An excess of 540,000,000 gallons of consumption over production this year would reduce this

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