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

Petroleum and natural gas : in two parts, part two (Vol. 1, nr. 11)

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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:: 1831623528

URN:: urn:nbn:de:zbw-retromon-239829

Document type:: Volume

Title:: Petroleum and natural gas : in two parts, part two

Volume count:: Vol. 1, nr. 11

Place of publication:: Pittsburgh

Publisher:: First National Bank

Year of publication:: 1924

Scope:: [ca. 38] 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

being 195,288,000,000 cubic feet, and its consumption 80,000,000,000 cubic feet, the surplus being exported to other States, the Pittsburgh area taking the most of it. Oklahoma produces 140,631,000,000 cubic feet of gas, and uses 111,681,000,000 cubic feet. California produces 84,580,000,000 cubic feet and uses it all. The total pro- duction of natural gas per year is approximately 762.546.- 000.000 cubic feet. THE HAZARDS OF OIL In his talk on “The Hazards of Finding and Producing Dil,” at the St. Louis meeting of the American Petroleum [nstitute in December, 1923, E. W. Marland stated that “In times of overproduction such as now, we are inclined to consider lightly the estimates made two years ago by the United States Geological Survey that the remaining oil con- tent of the United States is approximately 9,000,000,000 bbls.” Mr. Marland also pointed out that if no new wells were drilled for 60 days the decline of the present wells would eliminate the entire overproduction. Furthermore, that to maintain our production on the same basis as in 1928 enough new wells must be drilled in 1924 to produce at least 1.000.000 bbls. a dav. On June 1, 1923, the daily production of crude oil in the United States was rapidly increasing. On December 1, it was decreasing with equal rapidity. During the six months from June 1 to December 1, the average daily pro- duction of crude was approximately 2,220,000 bbls. per day. The rapid decline in production stopped about January 1 and since that date production has averaged about 1,900,000 bbls. per day. This decline in production (about 15 per cent rom the peak of last summer) has made no shortage of sil—we still have an oversupply. particularly in California. THE FUTURE OF OIL ] Regarding the future of petroleum, the Standard Oil Company has recently issued an official bulletin which is

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