San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-02-04
NEW RECORD
IN OUTPUT Of
CRUDE OIL SET
Production Is Highest Ever
Known as New Month
Begins.
OIL PRICES ADVANCE
Great Demand for Refined
Products as Automo-
biles Increase.
roustOn, Tex, Feb. s.-The close Of

rouston, Tex, Feb. 3.-The close Of
January saw the daily average produc-
ton of crude oil in the United States
at n point highest ever known and
with posted prices of practically crude
in the United States, except in Cali.
. sornia and Gulf Coast, being advanced
at 10-cent clips. That the upward
movement of crude prices has not reach
ed the end, is indicated by recent de-
velopments. Announcements were made
February 1 of 10-cent advances at
Mexia and Currie in Texas, completing
the third raise in Texas, while advances
in the Eastern States on the same day
ranged from 10 to % cents barrel in
addition to a change in the method Of
posting.
This gives eastern crudes four ad-
vanccs of at least 10 cents a barrel
each in three-week period. Other
crudes were raised three times in the
same length of time, and for that rea-
son it is expected that the Mid-Con-
tinent can expect another increase in
the next few days
Empty Storage Tanks.
The independent refiners in North
Texas the last two weeks have practi-
cally emptied their storage tanks of
refined stuff at fair figures. The
same people are feeling much better
and have boosted their prices a frac-
ton, with indications that the new
prices will stick. The same is true for
the refiners in the Tulsa territory, al
though business in that section has not
been quite so good.
Premiums still prevail in North Tex
as and the Mid-Continent for light
oils, the premiums ranging from 10 to
as high as 30 cents in some points in
Oklahoma for much wanted crudes.
The extremely mild winter has had
much to do with the demand for re-
tined products and prospects clearly
indicate a splendid demand in the
spring and summer. The increased use
of the automobile, of course. is largely
responsible, but other agencies are fast
turning to use of gasoline engines,
Naturally lube is needed more and more
and then fuel oil is coming into its
own.
Protest Oil Tax.
The wild spree of state legislatures
over the country in laying plans for
r<rying huge taxes against the indus
fry Is causing the producer much worry.
In Texas it appears that the 3 per
cent production tax will 60 through.
although this may be cut to . or . 10
per cent before it gets by the Senate.
Such a tax has already been levied in
Louisiana and the courts have been
appealed TO for relief. 1t is expected
that similar steps will be taken in
Texas and probably in other states.
Oil producers are advised BY their at
torneys that it is unconstitutional 70
oyerburden an industry with taxes
that the Constitution will not permit
one industry TO be heavily taxed while
other industries escape, almost tax
free. There seems to be a real warm
fight brewing.
The daily average production of
crude oil in the United States during
the week ending January 81 was 1.7S7'9
$50 barrels against 1,7S7.9JJ barrels
the proceed ng week. according to fig
ures. compiled by the Oil Weely. Cali
fornia is credited with $4,000 barrels
a day, while Oklahoma shows a small
increase as does Arkansas. Texos
production is off more than 10000 bar
rels, due to decreases in the Gulf
Coast.