Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1880-02-05
Annual Review Of the Petroleum Busi.
ness.

The petroleum business during the
year just closed has been marked by
many results never before attained
StOwell'S Petroleum Reporter says: The
enormous production of crude (nearIy
20,000,000 barrels exceeded the pro
duction of any previous year by about
5000, 1000 barrels. The average price
of crude at the wells for the year was
948 cents per barrel, being 39B less than
for the year 1874, which has been con-
sidered heretofore the cheap oil year.
The number of wells drilled during the
year was 3,038, which number was not
greatly in excess of former years; only
about 81 per cent. of the wells com
pleted proved to be dry or worthless
against III per cent. of dry holes de-
Veloped in 1878. The shipments out of
the producing regions have been larger
than in any previous year, amounting
to 100000 barrels, which exceeded
the shipment in 1873 nearly two and q
quarter million barrels. The accumu-
latiOn of stock in the producing regions
of Pennsylvania during the year has
been without parallel in the history
of the trade; the amount OF stock Jan.
/, 1879, was 4,6l5,29 barrels, and on
Jan. l, 1880, 8,470, 400 barrels, being
an increase of 1856, 191 barrels in 1879.
The great Northern, or Bradford dis
trict, has contributed largely to these
results; in fact, for the last two years
this field has been the chief point of
interest in the oil country, where most
Of the operators have cOngregated and
most of the developments have taken
place.
In the last five years there have been
about 5000 wells drilled, 5,100 of
which are now producing oil at the rate
of about 1000 barrels per day. The
total production in the district from
August, 1875, to December 81, 1879,
has been 81, ,991,544 barrels, and the
shipments out have been 25,77l,214
barrels, leaving stock in the tanks of
about six and q quarter millions of bar
rels. The exports of petroleum for the
year have been unprecedently large,
exceeding all former years by many
million gallons. The stocks held in
European ports are also quite large,
exceeding the amount held at the same
time in 1878 some 100000 barrels.
The maximum production of crude
petroleum in the Pennsylvania oil fields
was reached in August, 1879. Since
that time the production has undoubt-
edly been steadily on the decline, and
from present indications we may look
for a continued decline, slowly but
surely, until some new and unknown
field shall be found which shall yield
the precious fluid bountifully.
There was steady increase of stock
at the wells during the first eight months
of the year which was not reported and
did not go into the account in making
up productions and stocks. The pipe
lines prior to September did not take
from the wells their production, which
was evident from the overhowing tanks
everywhere to be seen in the Bradford |
district. Since the months of August
the wells have not only been relieved,
but the lines have been taking all the
production and steadily drawing on all |
stocks. The month of December shows
that the stock at the wells has been re-
pleted about 1872, 250 barrels, which we
have credited to productions and stock
by distributing 1850 a day through the
first eight months of the wear.