Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1916-01-05
NO CAUSE FOR RISE IN GASOLINE
Some Very Significant Figures Are
Issued by the Government

" Jan. --oltClUl gov
ernment figures made public here last
week disclosed that in the face Of ris-
ing prices Of gasoline, production Of
crude petroleum during the last year
VAS greater than in 1914, although
production was ''purposely retarded
as far as practicable;' that reserve
stocks Of crude petroleum now being
held in the country are the largest
ever recorded, and that exports Of
gasoline, to which the rise in prices
frequently has been attributed, were
in the last ten months of 1915 less
than the exports during the cores
ponding period Of the two years pre-
vious.
Both the Department OF Justice and
the Federal Trade Commission are
preparing to investigate gasoline
prices.
statement issued by the gcologi-
cal survey estimated the 1915 broduc-
| ton Of market petroleum at 7,40O,-
900 barrels, 1000 barrels more than
in 1914.
Period of Rcndiustmcnt.
'Ths.' says the statement, docs
not agree with the currently reported
| reason for the exceptionally high
prices new prevailing for motor fuel"
| 1t adds:
AS result Of the overload put
on the transportation and refining
phases Of the petroleum industry by
the excess output of 1914, the year
1915 may be characterized rs a Pc
riod Of readjustment in which pro-
huction activity was purEosely re-
| tarded as far as practicable. The
small increase, therefore, is more sig
nificant than the simple figures indi-
cate
Factors that might be expected to
| affect the price Of gasoline. accord
ing to geological survey officials, are
production, consumption and prices Of
ures, they say, were not available,
though consumption was increasing.
A low petroleum price level was
reached in April and, until August.
the price remained at $1.35 a barrel
for the market standard. Then the
price began to soar and on December
II petroleum was selling at $2.15.
| Indications now are, says the state
ment, that the price soon will reach
$3.50, its previous high record.
One production fact brought out by
the survey Is that crude petroleum
stock held in reserve, the largest ever
known, increased 50,000,O00 barrels
| III 1915, and at present more than
220, 100000 barrels are being held.
Field storage by producers accounts
for 24,000,000 barrels Of this.
Export figures for the first ten
months of 1915 show that gasoline
exports dropped far below the same
period in 1914, and slightly below
1913. During the ten months ending
with October, 9S,471.466 barrels left
the United States, against l40,275,-
273 for the same period in 1911, and
100, O,353,S7l in 1918.
| The relations between the cost Of
crude petroleum and gasoline is hard
to determine. according to officials
who have given the subject study, be-
cause of the varying grades Of petro-
! leum and the variety Of oils pro-
duced in refinement An increased
! demand for gasoline. they say, means
an increased production with con-
Herucnt increase in production Of
kerosene, lubricating oils and other
| petroleum products. All petroleum
products have risen in price
Officials familiar with the situation
said to-day the recent discovery by
| DR.. w. T.. Rittman, Il government
| chemist, OF a process for obtaining
from crude oils 200 per cent more
gasoline than by old methods, prob
ably would have bearing on both
production and price before another
| year had passed. Several companies
already have started production un-
der the new method. Their output,
and the output Of others to be started,
it was said, would be felt soon on the
market.
| NIOJ'IJE}i nONnN TAKE