Sistersville oil review. [volume] (Sistersville, W. Va.) 1896-1901, 1898-11-30
Somewhere or Else There
Would be no Reason for
FOLLOWING FIGURES
Furnished by George H. Torrey
Well Known OIL Man.

L Wv Cd ASAAS"S' ~
election having passed into history,
let US once more consider the inter
ests of the oil producer. A previ-
Gus communication to the Post was
the cause of on editorial in a paper
that incidentally gives some atten-
ton to oil interests, in which it
said some very remarkable state
ments' were made in the aforesaid
communication. No attempt how
ever, was made in this editorial to
controvert the statements, so prob
ably they seemed remarkable owing
to their being facts.
"But facts and chiefs that Wilma
ding,
Aud downa be disputed"
The production of Pennsylvania
oil, as shown by the runs for the
first ten months of this year, is but
$4,000 barrels in excess of the same
time last year. The production of
Lima oil, as shown by the runs for
the first ten months of this year,
are 2,2os,5oo barrels less than in
the same time last year. The stock
of Pennsylvania oil at the end of
October this year is but 226,7I5
barrels more than at the same time
one year ago. The stock of Lima
oil at the end of October this year
is 6,55o,4oo barrels less than at the
same time one year ago. Consider
the foregoing carefully, and then
see if the present prices do not
look Insignificant. Yet more now
follows. At the end OF this month
the combined stock of Pennsyl-
vania and Lima oil will be virtually
the same as at the end of November
1895; yet in November, 1895, the
price of Pennsylvania oil was much
higher than now, selling as high as
$I.6S per barrel, the average for
the whole month being about ST. so
per barrel. Notwithstanding the
high prices of crude oil for over 8
months of the latter part of 1895,
the consumption as shown by the
deliveries amounted to 48,SI1,So5
barrels of Pennsylvania and Lima
oils. The dividend ofthe Standard
trust for that year amounted to 20
per cent. so that company was fair
ly prosperous at the same time that
PRODUCERS of oil had the benefit of
good prices.
The competition of other coun-
tries was not factor in keeping
prices of our oil down at that time,
and these countries have now be,
come less a factor than in 1895.
Furthermore, the situation in this
country is more bullish that it was
in 1895. The increase of consump-
ton, as indicated by the deliveries
for 1896 over 1895, amounted to
only trife over per cent. The
same increase for 1898 over 1896
amounted to nearly 9 per cent,
while the present indications for
this year, should the deliveries for
November and December averaged
only the same for as for the month
of October, will exceed the year Of
1897 by nearly 5 per cent; in other
words, in the last two years, ending
with 1898, the increase of consump-
ton, as indicated by the deliveries,
has amounted to over IS per cent
over 1896. This enormous con.
sumption cannot continue, as the
oil cannot be supplied. The only
recourse is to advance crude oil to
such price that consumption will
be reduced to the equal of produc-
ton. The present price of export
refined oil in bulk a. New York is
(o4o) four and nine tenths cents
per gallon, delivered on board tank
steamers, and this price is not be-
ing shaded to make sales, the de-
mand being good, the most trouble
being to get the vessels to trans
port the oil. Owing to this scare
ity freights are very high.
With crude oil at s. per barrel,
the price of export refued should
be but (.o64) six and -tenths
cents per gallon, this price being
based upon the fact that crude oil
should bring $1,45 per barrel on
the present price of export refined
oil. Crude oil exported from Phil
adelphia in the month of Septem-
Der amounted to a little over co.
900 barrels exclusively to France.
The price of this oil averaged
{.o5o6) FIVE and six hundredths
cents per gallon, as returned to the