Evening star., 1924-03-02
j. S. Gasoline Prices Ascend
As Oil Resources Diminish

facts as il deems pertinent to the IL
vestigation.
Exhaustive figures made public this
week by the bureau of mines show
that the consumption OF gasoline il
the United States during 1929 aver
aged 1S,31J.1G5 gallons a day. EN-
ports during the year brought the
daily average demand for gasoline uD
to o0.Io1.1S6 gallons. Of which about
90 per cent was burned up in tho
United States.
One cert q gallon increase in the
price of gasoline. according to these
figures. means rise in price of SlS3.-
ISL day TO domestic users of gaso-
line, or about S5.3oo0oo a month. The
average price increase since the loW
levels OF last summer is roughly esti-
mated at cents q gallon at retail
On that basis, the increase already
put into effect has mounted to about
S550.O00 day. or at the rate of $780,
100000 a Year.
Last year was the biggest. in point
Of production, that the refineries ever
experienced. More than I.500. .000,-
, 600 gallons We're produced-al almost
half as much again as the output dur
ing 1921 and more than two and ono
half times the output of 1917, The
! immense yield of the new fields in
California brought crude oil produc-
tion to the highest figures ever re
corded and increased gasoline output
Il
did lowered prices.
Petroleum Yield Decreases.
At the present time, however. the
yield of crude petroleum is decreas-
ing. Geological survey figures, made
public yesterday. disclose an average
|, decrease of more than $4,000 barrels
IL day during January. No great new
n sight
the figures back to their high level,
nor is such relief desired in the oil
industry, according to well-founde,l
reports. The oil men We're buried
under an output last year that shot
prices sharply downward and cut
heavily into prospective proftsH Nat
urally, they do not want a repetition
this year of that situation.
In the face OF decreasing crude oil
production. demand for gasoline is
definitely increasing. bureau of mines
figures show. although during DE
cember. latest month for which tp-
formation is available. the usual sea-
sonal decline in demand was shown.
December gasoline production. also,
was the highest on record, exceeding
demand by nearly 90,000,000 gallons.
More Imports Likely.
The pickup in demand with the
coming of spring together with the
decrease in crude petroleum yield
will necessitate, in the opinion of Of
f1cials here. an increasing volume Of
petroleum imports so that the United
States will come more and more to
depend upon foreign sources for. it's
supply. That is. of course, unless Il
big new field is developed in this
country in the near future. Even
IL that is done, from three to five
months must elapse before its effect
will be felt on the market. specialists
here say.
South America is beginning to send
much oil to the United States, no.
tably Peru. and relief may be forth
coming from that quarter. Also
fields in Texas and Arkansas promise
increasing yield. These will tend to
retard price increases somewhat, it
is thought, but not sufficiently to
prevent prices slipping up a few
notches higher as winter passes and
better motoring weather comes. The
days of 30-cent gasoline are not far
away, it is believed. If they don't
come this year, they may be expected
next. unless. of course. other banan-
Ia fields are located.