Petroleum Records

Statistics for petroleum production in 1923, now completed, show that last year broke all records with an output of 745 million barrels of crude oil, which was 187 million barrels, or a 33% increase over production in 1922. Consumption also broke all records with the figure of 730 million barrels, an increase of 154 million barrels, or 26% over the year preceding.

The production of gasoline last year was estimated at 179 million barrels, or 31 millions over 1922. Surplus stocks of crude and refined petroleum on Jan. 1, 1924, aggregated 465 million barrels--an increase of 93 million barrels over the stocks a year ago.

A more cheerful tone has pervaded the industry ever since it was learned that the current production of crude oil was on the decrease. For the week ending Jan. 5 the output was 1,884,050 barrels daily, which compares with 1,927,750 barrels for the week ending Dec. 29, 1923. Peak production was reached the week ending Sept. 8, 1923, when the daily average production was 2,280,700 barrels.

This recent decline in production of 43,700 barrels daily represents a slackening in the output of the California, Wyoming and Montana fields. Even the recently discovered Powell field is now showing declining output. Meanwhile, prices for crude oil are edging up 25-c- at a time especially in the Pennsylvania, Middle West and Wyoming territories.