The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-07-20

TUL,
discloses encouraging oil prospects
In New Guincn.
A Casper. Wyo.. dispatch says all
grades OF crude oil havo been re-
duced 2B cents a barrel. standard
on company ~ Indiana cuts gasoline
2 cents and refined oil l cent gallon.
pITTsBURGH. Pa.--Another re-
ducfion OF q cents 10 80 barrel
was made In the price for Pennsvl-
vnnin crude oil today by the Joseph
Sccp agency.
TAMPfCO--M Mexican Eagles wells
san Geronimo No down 1920 feet
and Gcrro Virlo No. a. 2,0U6 feet
lattor being drillod Jointly with
NcNlc1n Petroleum are salt water
romplotions Corrln Niclo No. 3 was
expected 10 be y biz producer ana
ful'uro cuts reserve ~ proven area
greatly.
Future Of crude Oh priora will de-
pend ON production. n 50 cents
b1rrcl reduction does not ro-llt IN
cutting down production another
accent cut I'm tho near future 81
Iboly
Rcduriion NJ 2 cents gallon IN
gasoline by tho standard on com
r1ny ~ Indiana VIII. no doubt hc
fpllOwcd by other large refiuorlcs
Consumers ~ EaaolIuo arc beneflting
from reduction IN crude OIL not
/ withstanding extraordinary demand
for gasoline and the fact that con-
sumption is running far in excess OF
production.
Pralrie Pipeline company will
make a voluntary general reduction
| uf l2 IL per cent on nll oil pipe
/ limo rates effective July %. Re.
/ ductJOn is madc 60 conform 70
! cheaper cost Of transportation for
| other grades " merchandise effect
ed by reduction In railroad rates.
/ Approximately 100000 barrels OF
crude n!l are moved daily through
| Prairie lines.
Under now tariffs crude oil will
/ bee moved from Kansas ana north
! oklahoma points to Atlantic coast
| refinerics for 10 IA cents "A barrel.
compared with 81 Ia cents Mt pres
ont, from south oklahoma and north
| Texas points to Atlantic coast for
si.Og i-2 barrel. contrastcd with
SIPS present rate, Illinois Pipe
limo company, operating Tn eastern
| fields. IL expected TO reduce It's
tariffs.
Speculative movement In Mexican
ana pan Petroleum is on stories
that the conl strike Is forcing fuel
companies and other concerns "a
substitute fuel oil FOR coal.
NEW YORK. july 1o.-Prescnt
conditions In oil are more than us
ually in favor OF standard on and
big independents. Standard OF
produces only a small part OF tho
oil which II refinos, and it's contro
Of the crude oil market is exercised
through control OF the refined oil
market.
The big refining companies, such
as standard ut Indiana and New
Jersey, benefit greatly from roduc'
tlOn OF so cents n barrel NJ crude
oil and the situation regarding then
is bullish This IL true also OF bis
independent companies. Cut II
crude and refined oil prices came
at "A time when Standard oil stock'
; were as much 100 points lower thar
recent high prices ana active IN
dependent stock 10 to 20 points
: lower.
NEW YORK, July ie.--Reduc
{ tion price In crude In United state
, means nothing to Mexican Petro
loum. This explains In par
strength OF the stock Appcaranc
r. OF salt water in TotcCo pool, wher
. It first showed In Mexican Soabonr,
: WELL already has resulted In ad
, vance OF 90 cents n barrel In Bun
. kcr oil price In New York hnrbor
I. now being Sl51 1-2. Assuming
7 Mexican Petroleum received beue
, fit from this advance on all OF II
, business, this would mean addition
al earninga Of about $50 "a share o
!, stock. Decline In output OF Totec
I pool, from 45O.O00 barrels day I
" 10000, is n circumstance which
n operating for higher prices in Mex
leo and eventually In the Unite
states,
T. NEW YORK, July i9.-Rise I
z Mexican Petroleum was PARTIAL
4 due to statement OF II. +. Sinclai
that Mexico will be large produC
er OF oil for "A long time TO conn
= Vanadium advanced In anticipatto
Il OF favorable statement OF operation
for first six months,
10 TAMPtCO. Fla, July ia.-Mex
|. FOR SALE
so miles 8-inch secondhand pipe.
II 100 miles 2-iuch secondhand pipe.
Il 100 miles 2-in.. 4 and 4h -lb. tub
J. ing,
3 Located Eldorado, Kansas
TAUBMAN ~ TRAVIS