The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1917-04-07

" dpFta1t tuut Nuose W Shsfbc o. ~
oil industry in this country have seen
III 10 attempt 20 throw n scare into
the American people by crying short
age and use that as what appears 20
them TO be a legitimate excuse for
boosting prices. Although the auto
mobile season has not vet opened.
over the greater part Of the United
states. advances In the price 81 gaso-
line have been announced. and tho
tendency u quotations in that rom
modify is upward. The Christian Sci
ence Monitor, commenting on the sit
nation, says;
From the very heart of the region
OF production comes the Information
that never before in the history of the
oil industry has the outlook been
brighter for those engaged in Il. In
the mideontinent field. to sonfine dis
cussion to that quarter. the crude oil
held In storage amounts to s6,o947 Ss
barrels. This figure Ia within 2o,ooe,-
900 OF ali the oil produced In oklaho-
ma in 1915. which was lis. 100. 2to
barrels. II is within 5000. 000 barrels
Of all the crude OH produced BY Cali
fornia in 1915. which was si.S22.ss2
barrels and II Is within 50, 00O. 600 bar
reIs OF ali the oil produced by Okla
homa and Kansas in 1916. which was
IA total OF ~iis.293.040 barrels. II rep
r~esents, in fact. a little more than one
third OF the oil produced in the United
barrels.
That Is to say. Notwithstanding the
|cry Of shortage last year, in the mid
continent field alone there was left
over. and in storage at the beginning
of 1917. a quantity Of oil equal to one
third OF all that viii be produced in
the United states this year. assuming
that production shall be what II was
in 1915.
The various oil companies. snbsld-
figures. on the basis Of present prices.
that the ear In the midcontinent field
promises TO be more profitable than
any that has preceded IL. The value
|of the s,ored surplus OF ~ss.Ost.7Ge
barrels, for instance, is put at s172-
lss.5i2 II is said that three well
known companies have each stored ~
immense wealth. Are they content ?
Not at all. The present market price
is MS, with the actual price Sc OF
better says a report from the mid
continent field. oh men generally be-
lieve,' IL is added. that the market
price will 30 60 $2.5O this year.
"of curse there is nothing to justify
any further advance: there Is every
thing to Justify "a public demand for a
reduction. The price OF crude may
be run up simply &c justify advances
In the price OF gasoline. The refining
company. following the usual custom
will complain that the producing com
pany is charging higher prices TO-
crude. and that, therefore. gasoline
which IL "A by-product Of crude, mus,
be advanced The distributing com,
pany will crowd orders in upon the re.
filming company. the refining compan,
will crowd orders in upon the pro,
ducing company, and the demand will
he made 20 appear extraordinary. and
then there may be more talk OF short.
age. although, as a matter Of fact. tn,
supplies OF crude or of gasoline have
lsimply been transferred from one
company 10 another Of the virtua.
monopoly before reaching the con.
sumer.
When. In the height Of the sea.
son ~ 1917, there are alarming re,
ports 81 shortage in the oil and gaso,
line supply, and when, al the end d
1917. 1t appears hat the quanu'y
OF oil and gasoline in storage has In,
Creased rather than diminished. II will
he interesting 10 run over the figure.
given here. II they are conveniently &C..
cesslhls.