Sistersville daily oil review. [volume] (Sistersville, W. Va.) 1902-1905, 1904-03-18


expectation OF higher prices he
dues not sell his oil, or the credit
balances representing 1t. These
and other considerations inviting
the construction of independent
tankage may be passed over to EN-.
phasize the more In portant and
chief one, namely, that enough OF
this independent storage would
leave DO room for quibbling as to
the volume and distribution of pro-
duction and stocks, and the de
mands of consumption would furn-
ish more fitting measurement OF
values.
All that has been said recently
In justification of lowering of crude
prices,-the fact that the season OF
increased consumption and curtail
ment of production Is being sue
ceeded by that of relatively less
consumption and increased field
operations; complications In the
foreign situation; the possibilities
of Texan, Kansas, Indian Terri
tory, and other reglons,-these and
the various other reasons given all
groove into the consideration that
before they started on the recent
decline crude prices reached as
high a point as the conditions justi'
fed. This Is a gratuitous consid
Grafton. Bear In mind that while
there were some regions of lower
grade production, notably the Kern
River field In California, which
could have produced more oil If
there had been means to take care
of 1t, these were exceptions to the
rule In this country during the past
year. year In which the aggre'
gate production from all fields In
the United States was less than the
aggregate consumption. This fact
has been overlooked In disserta-
lions In which 1t has been pointed
out that while the production of
high grade oils In this country has
been falling below the d mands,t the
production of lower grade oils has
been increasing. To complete this
statement 1t should have been add
ed that the consumption of the low
grade oils has been incre asing.
| Reports from Russia indicate that
the Standard Is continuing Its pur.
chases of Russian oil. Can 1t be
that 1t does not read Its own papers
and therefore Is not aware that
there Is such a threatening increase
of production at home according
to these papers) that cutting of
crude prices Is In orderl If there Is
plenty of oil to spare from the
home stocks, why not draw upon
1t instead of going for supplies SO
far as to Russia, Roumania, Galicla
or other distant pointsa-Petroleum
Gazette.
The article under the heading OF
care declining crude prices justi-
fed" from the Petroleum Gazette
contalnes good suggestions rela-
tive to the provision of indepen
dent storage facilities and pipe lines
for the care of crude oil. 1t Is not
probably the suggestion will be
considered at all seriously. Oil
! producers are too busy In their
subservient positions to consider
anything that would tend to
make them independent.
Except In a few insulated In
stances oil producers are too dense
to realize the profits of co. cooperation
and consolidation. Up In the
Wellsvllle fields, Allegheny county,
New York. producers are plpeing,
storing and refining their own pro-
duct at profits which are very salts
factory. Returning to the question
"are declining crude prices justi.
fed" 1t Is apparent that thus far no
good reason has been given by the
"Orgau of on" recognized as the
Standards official mouthpiece pub
lished at Oil City, Pa, WHY crude
prices are declining. 1t Is true that
the Oracle has Numbered about In
Its futile efforts to Justify the cuts,
sometimes up to Its neck Ia Rus.
sian Statistics, then over Its boot
tops In Texas figures, but 1t Is
never quite clear. Any old thing