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:: The Future of Oil

Collection:: Economics Books

really encouraging to the oil trade, and to holders of stocks in petroleum concerns. The Standard Oil Company of Cali- fornia is quite sure that the period of over-production of oil is passing, and says that “we seem to be on the threshold of another phase. Production is falling. Shipments to the Atlantic coast and elsewhere are about half what they were last July. The demand for petroleum is good, consumption great, and the large daily surplus production of crude oil that existed less than a year ago has disappeared. Supply and demand are approximately in balance. Barring the discovery of prolific new fields, therefore, the industry in California must again draw on its reserve stocks.”" Pointing out that the oil business is one of feast and famine, and of great transitions and changes, differing in these respects from most other industries, the bulletin of the company emphasizes the additional fact that the source of supply of crude oil is constantly shifting. “Fields of oil are found, are developed,” it says, “the volume of production ascends and then dwindles. New fields, in other States, even in other countries, take the place of the old. There is no certainty about it at all, either as to the location of new fields or as to the volume of the oil. Each time a new field is found, the industry must build, quickly, facilities for handling the new oil—new pipe lines, new tanks and reservoirs, often new refineries, at the new points of output. This has happened over and over again in the history of oil. To meet these situations and emer- gencies requires great resources by way of organized per- sonnel. and lots of readv monev *’ In July, 1928, the surplus over the normal demand of California refineries for petroleum reached the remarkable total of 401,000 barrels a day. Of this, 207,000 barrels were shipped to the Atlantic Coast, and elsewhere, through the Panama Canal, and 194,000 barrels a day were put into storage in California. This continued into the present year, until the tanks of California now hold about 97,000,000 barrels of oil.

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