The Portland daily press., 1867-03-18
MONDAY Morning, March Is, 1867.


From an occasional paragraph in our ex-
changes we infer that an effort will be made to
revive the oil fever, and to draw more money
from the "fats' to be invested in the most
uncertain and hazardous business that ever
took strong hold upon the heads, hearts and
pockets of our people. Here is sample par
agraph from the Pittsburgh Commercials pa
per which has been and is largely given W
keeping up an excitement on this subject
Evidence of renewed activity in the fenh-
sylvania oil regions this spring i.Iu 49,, oons
summer is apparent everywheIe, anu ~, -
Der of new and paying we.is times of 1874
and 1ocs Several new wells are mentioned
which Weld largely, and details are gwen in
relation to the famous LOCALITIES OF Oil Creek,
Cbarrv RIM Tideout and Plthole, which show
that Grtunes are still being made in petro-
leum.
The current market reports in New York
show that the best refined Pennsylvania OIL
equal to the best article manufactured for il
Eliminating purposes anywhere, free from oder
and as free from danger as our own Portland
kerosene,-is quoted at from "a to 26 cents in
bond; that is, independent of the 20 cents per
gallon internal revenue tax. 1t is not many
months since the quotation for this quality of
refined oil was from 80 to 80, and even then the
producers of the crude article did not receive
over 81 % to 81 so per barrel at the wells in
Pennsylvania. The crude article was quoteh
in New York four or five months ago, at about
% cents per gallon, including the cask, winch
would make a barrel-4O gallons-wortn Slo;
at the same time the producer at his wells was
not receiving over 81 rs at most and many
refners stocked their works at the low figure
of 81 25 per BARREL! At the present time the
crude article is quoted in New York barrels
included, at 16 to 16 IL cents per gal
lon. or in bulk, without casks, at 10 to II
cents, or 81 90 to 81 30 per barrel Taking out
freight, leakage, tankage, commissions, etc.,
the intelligent reader does not need to be told
that the price at the wells-except very large
ones, which are the exception to a general rule
cannot be otherwise than ruinous to all in
vestments made for its production.
In Canada the case is even worse than in
this country. AT Boutwell, the whole thing is
nearly played out not more than two wells
now being pumped. At Petrolia there is plen-
ty of oil but no market for it. One flowing
well has been producing for the past four
months, of250 barrels per day. This quantity
alone will much more than supply one half the
entire demand for the whole Province. The
latest n9ws from Petrolia, received within a
few days, shows that this well has played out
and nothing but water is now thrown up by
the force of the gas below. Sill there are 9TH
er wells, large ones, so that it is safe to say.
with the large stock of oil on hand, there
will be double the amount produced the pres
ent year that will be required for the consump-
ton of the country, showing conclusively to
all well-posted parties that for year to come
at least, the price cannot rise much above its
present low figure, which is from 80 to 100 cents
per barrel in coin; at any rate it cannot reach
fifty per cent, Of the figure absolutely necessary
to make wells of average production pay work
ing expenses We do not believe there is any
well-grounded hope of remunerative prices for
Canada oil, all until the existing wells may
be reasonably expected to play out, for oil wells
are short-lived, one year being much more than
the average life time of the good wells. The
surplus could not be brought into the States
even were there demand for it, because the
duty amounts to So per barrel, while it is bar
red from the Europeans markets by the fact
that those markets are SO glutted that even the
States ola better article than the Canada
does not pay to ship. Time may provide an
outlet and remedy some evils under which the
Canada oil interests now suffer, but not in sea-
let our people keep cool, and above all, keep
free from second attack of that fearful malady
soil on the BRAIN" ez.I