West Virginia daily oil review. [volume] (Sistersville, W. Va.) 1894-1902, 1902-04-17
FROM TBR OILFIELDS
THl OIL MARKET.
Pennsylvania ...,............................1 %
orntng...-..................s...... V5
New Castle ................-....... 30
North Ltms..........-.......
South Mma.....-..
White House,. 90
IndiAna....... So
Summerset y
Lacy -. "a

Lacy. .. ~
Thus far this month the rednc-
ton In the stocks of Pennsylvania
oil amounts to practically an iron
tank of $4,000 barrels capacity
daily. There Is always some oil In
tank bottoms which Is not available.
The shipments of Pennsylvania oil
exceed the runs from the wells by
more than 32.ooo barrels daily to
date. This cannot be expected to
continue for great length OF time
as Pennsylvania stocks are reduced
to point where they will not
stand the drain. When the stocks
of Pennsy lvania oil are reduced to
the five or FIVE and a half million
barrel mark. they are down to
hard pan, so to speak and can only
be gotten into pipe lines for ship
ments through a process Of steam
Ing. The stocks OF rtfoed oil in
every locality are also reduced to
a minimum. The fields present
nothing that would indicate an
increase In produ ciion; on
the contrary, much drilling will
have to be done within defined
limits to even hold 1t at present
figures. Producers are becoming
very tired of low prices for oil and
high prices for material. The de-
creased operations show they are
doing little work except that nee
essary for the protection of their
lines and glance at the monthly
report shows that In the southwest
Fl Ids most f this production Is
against the drilling of the South
Penn OH company. The recent
purchase of Benedum Bros. produc-
ton by Standard interests Is In line
with the policy they have always
pursued In curtailing and 1imltin g
the production of the Independent
lines. It will be remembered that
reports were recently published to
the, effect that Benedum Bros.
were to identify their interests
with and connect their pro.
duction to the lines of the
Pure Oil company. Thus by
this purchase the Standard stop the
oil going to the independent lines,
aud they In part maintain their own
production which 1t Is evident can
not be done by drilling. The pol
icy OF the Standard to purchase
production eff the independent lines
has always beer an expensive
proposition for the latter.
There is little opportunity or few
places at present where the indie
pendents may hope to increase their
production the properties of the
larger producers identified with
them being under a state OF devel-
opment where it Is an expensive
proposition to attempt to hold the
production.
The Southern Oil company who
are among the largest holders of
average territory have, 1t Is report
en-, decided to curtail their opera
tions and con6ne them to necessary
drilling. They find 1t Improbable
to attempt to hold production at
atIpresent prices. Same may be
said of other large companies.
The old pools produces nothing
better than "strippers" and the
wells In new pools are short lived
and have to be treated to glycerine
to stimulate a paying production
and even then the decline Is rapid
and discouragipg. 20, 80 or so
barrel wells In territory that re
quires an outlay of $1,000 to $ro,-
600 per well can scarcely be con-
sidered profitable investments.
The loot of the oil country has
about reached the limit.
The advance In the market Is
nothing to enthuse over. The de.
preston In price which occurred
last December has been long con