Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1880-02-04
REVIEW OF THE
PETROLEUM BUSINESS.

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
(nearly 20,0O0,000 barrels), exceeded
the production of any previous year by
about 100000 barrels, The average
price of crude at the wells for the year
was 9is cents per barrel, being 39S
less than for the year 1874, which has
been considered heretofore the cheap
oil year. The number of wells drilled
during the year was 3,03S, which
number was not greatly in excess of
former years, only about 81 per cent.
of the wells completed proved to be
dry or worthless against IL per cent
of dry holes developed in 1873. The
shipments out of the producing regions
have been larger than in any previous
year, amounting to nearly $4,000, 600
barrels, which exceeded the shipments
of 1878 nearly two and a quarter mil
lion barrels The accumulation of
stock in the producing regions of
Pennsylvania during the year has been
without a parallel in the history of the
trade; the amount of stock January l,
1879, was 4,615, ,299 barrels, and on
January l, 1880, S,47O,49O barrels,
being an increase of 1856, 19l barrels
in 1879. The great Northern, of Brad
ford district, 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
about 5000 wells were drilled, 5, 100 of
which are now producing oil at the
rate of about 5000 barrels per day
The total production in that district
from August, 1875, to December 81,
1879, has been 81 1891, 544 barrels, and
the shipments out have been 25,77I,-
2l4 barrels, leaving a stock in tanks
of about 6,250,0 barrels. The
exports of petroleum for the year have
been unprecedentedly large, exceeding
all former years by many million gal
Ions The stocks held in European
ports are also quite large, exceeding
the amount held at the same time in
1878 some 10000 barrels.
The maximum production of crude
petroleum in the Pennsylvania oil
fields was reached in August, 1879
Since that time the production has
undoubtedly been steadily on the
decline, and from present indications
we may look for continued decline,
slowly but surely, until some new and
now unknown field shall be found
which shall yield the precious fluid
bountifully.
There was a 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 overflow
ing tanks everywhere to be seen in the
Bradford district Since the month of
August the wells have not only been
relieved, but the lines have been taking
all the productions and steadily draw
ing on well stocks. The month of
December shows that the stock at the
wells has been repleted about lS2,250
barrels, which we have credited to pro-
ductions and stock by distributing
1850 barrels day through the first
eight months Of the year.