Sistersville daily oil review. [volume] (Sistersville, W. Va.) 1902-1905, 1903-07-15
The Petroleum Situation.

about every twenty minutes, were
completed every day during the
month of June In the effort to pro-
vide the world with Its supply OF
high grade petroleum. In this
are included the oil operations In
New York, Pennsylvania, West
Virginia, Ohio, Indiana, Kentucky,
Tennessee, Kansas and the Indian
Territory. Judged by the pipe line
reports, the results In every instance
have been rewarded with an in.
crease In the supply. But the de
mand shows no signs of diminution
and the consumption remains great
er than the production. The differ
ence between demand and supply
has been made good by drawing
upon the surplus stocks. This Is
not a new condition that confronts
the Petroleum industry, but one
with which 1t has been familiar for
many months past.
Pennsylvania stocks, which once
amounted to nearly 40, 900, 900 bar
rels, are now a little over 5000, 900
barrels. The Buckeye stocks, which
have been up to ~ ,ooo, 200, barrels,
are now below 10000, 900, barrels,
and the decline the past month was
over 100000, barrels. Is It any
wonder then that the producer has
redoubled his efforts, and Is devot-
ing his utmost energies to the discov-
cry of new oil fields and increasing
the output of crude petroleum? The
Industry Is scattered over a wider
area than ever before known and
extended into States that a few
years ago were unheard of and un-
known as possible sources OF
petroleum production. Texas and
California have become important
factors and within a few years
promise to lead all the other States
In the amount Of their oil pro-
duction. But as the larger amount
of their petroleum yields IS of the
fuel oil variety, 1t does not neces
sarily enter into present compari-
SONS. Both States have been In
creasing their daily production,
which has had Its effect In bringing
about considerable decline In the
market price of fuel oil.
The production of the higher
grade petroleum used principally In
the manufacture Of illuminating
oils, that has been confined thus far
to Pennsylvania, New York, West
Virginia and Southeastern Ohio,
was increased from 80, 800 barrels
d day In May to $4,000 barrels a
day In June TO bring about this
gain required the completion of S39
new wells, which was at the rate
of 20 day Of this nuuber, 6I2
were productive of oil In paying
quantities, and their average yield
was the lowest recorded In many
years. To maintain the production
at Its present figures, say 10000
barrels day, will require the COM
pletion of at least go productive
wells month, unless some new
Manniugton or Mcdonald Is unex-
pectedly opened up. The advent of
new pool Is urgently demanded
by the trade and frontier operators
are eagerly expectant that one may
soon be brought to light. But
every day lessons the chances Of
their discovery In the deep sand
regions of West Virginia, which
has furnished the most of these
prolific districts for the past ten
cr twelve years. The operations of
the big gas companies have done
much toward testing large areas of
the little Mountain State" Any
new oil pool that may be opened
up In the future must necessarily
be of circumscribsd Dimensions.
In Southeastern o i, which like
wise supplies large amount OF
the better quality of petroleum,
there Is the same energy displayed
looking to new discoveries that Is
noticeable In West Virginia. The
shallow territory Is the more ropu-
lar with the oil operators since 1t Is
less expensive to drill.
Northwestern and Indiana com :
pleted 20 fewer wells than the
Pennsylvania oil regions, but the
number of productive wells Is
much greater because Of the small
amount of dry holes. Twenty sew
en- wells day was the record for