The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-01-01

large interests are evidently buying
crude at this time on the basis OF
its future. and not on its present
value.
The consumptive area available
from the Mid Continent field. has
been greatly reduced in the past is
months by alteration Of the freight
rates At this time. more crude Is
being refined in this area than the
available territory can consume.
Gasoline is going to he scarce
for spot movement over the coming
year from Independent refiners.
Practically all Of the larger CON
Germs are either well sold up on con-
tract, or have their own distributing
organizations. Kerosene Is seri-
GUS problem until an export move
ment OF real quantity begins or our
domestic consumption increases
considerably. Fuel oil must be sold
on a competitive basis with coal In
order to insure a large and regular
movement. Natural gasoline will be
In strong demand due To its gem
eral use by refiners. and the diff
Guilty In securing light gravity crude.
The acid conditions OF the past
year have tended to eliminate all
but the better managed refining or
carnations. and the narrow margin
over the coming year will tend to
eliminate the unreliable iobbcr.
These two conditions automatically
strengthen the Mid-Continent refin-
ing situation. IL Is common knowl-
edge, the industrial low ebb of the
country generally is now behind us;
and although there are no abrupt
increases In Industrial activity, the
entire trend Is uniformly healthier,
OH has come to be recognized in
the place formerly held by steel,
as the barometer OF industrial con-
ditions The present price OF crude
is our advance notification OF better
times for all"
W. l.. KistIer, President OF Pro-
duccrs & Rcfincrs Corp, says:
"The future OF the oil industry for
the new year looks bright. and IL
this country IL successful in securing
moderate amount OF export busi-
ness during the remainder of this
winter the refined prices should
strengthen within the next 60 days,
thus taking us into the coming sum
mer with an ever increasing demand
for the various products in this
country.
at is our opinion that the re-
quirement OF this country for the
new year should far exceed that OF
the closing year and that there Will
no doubt be a decided improvement
in the condition Of the oil Industry;
however, for the immediate present
Il seems as though there should be
a great deal of care used In the
producing end OF the business in
order that we may not develop an
over supply before the summer de-
mand reaches US.
I'VE are now making additional
improvements in our West Tulsa
plant. and also several of the other
Independent companies are making
various improvements, when VIII
enable us to obtain greater yields
of gasoline and other products from
the crude and likewise permit our
refineries to continue with more sue
ccssrul operations during the COM
ing year
G. l.. Mayhail, Vice President
and General Manager Imperial
Refining Company, says:
"Greetings for the new year, the
position of the oil industry for the
future is sound the deflation Is
completed, crude has already In
creased in anticipation OF the COM
ing demand and generally Increased
business activity.
"Refined oil prices will soon get
in line. as independent refineries are
closing their plants, cutting down
their crude runs. and will not force
their products upon the markets NJ
less than cost
I'VE are making aggressive plans
for 1922, and look forward TO pig
year"
II. Frank Wood. President Invader
OIL & Refining Co, says:
~ year ago, with oil prices IN
the Mid-Continent fields at the
record figure Of $3.50 "A barrel there
was boom time enthusiasm, Win
much of its customary wastefulness'
As I'm most fat years. there was little
provision or provision. There was
scant attention given TO storage
"In october, 1920, there were
2.OS6 well completions In the Uniteu
states. compared with 752 com
'nletions last October, This Illus
rates the madness Of production
and the neglect-especially among
| the Independent companies or
storage against future demanus,
! Production, coupled with the genera
| depression, brought oil down from Its
| ton mark to 81 a barrel In less thah
/ SIX InOnluS' .,..,-..a A,,
',The activity today. stimulated Dy
80 oil is more constructive. Prop.
critics that had sunk into state oI
neglect are being cleaned out. There
Is greater construction in storage
! and pipeline facilities, and many old
7 fields are being worked over with
| satisfactory results.
| MANY producers of limited ex-
nerience could not show a profit on
| oil under So. Established OIL com
panies bought wells the past summer
| for one-fifth their former values
/ and In most cases increased thelr
! production through proper manage
'"Companies that weathered thee
storm are more firmly entrenched
than ever, but in spite Of recent SEN
sationai discoveries, there Is
| notnhle absence Of the laymen, on
TODAY throughout the Md -Cohpnen'
is on a better business basis man
ever before. Its finer economies ar
| beinr observed In reaching Ior
greater production. producing prop
critics are not being neglected.
Interesting Session
At Tariff Hearing