OIL PRODUCTION

Dominion, Volume 14, Issue 18, 16 October 1920, Page 9

OIL PRODUCTION

FUTURE SUPPLIES FROM- AMERICA.

"Tn suite of all the pessimism we bear as to he inability of the oil-producing fields of the United States to even meet be own requirements in oil, »t can ta. asserted with safety," remarks the 'Petroleum Times," London, "that the produciron of crude oil lu America has now reached figures which far surpass all previous recoHls. and if only the same success continues to attend oilfield opeiations as that which has characterised them during the first half of the present year, the total crude oil production of the United States for 1920 will . exceed 400.000.000 barrels, or approximately 60,000,000 tons. _ „ ■ ..... "Though there is still considerable difficulty in securing regular equipment for oilfield operations, field work is proceeding far more actively than was possible in the earlier months of the year, and this remark does not apply to any isolated cases, but to the whole of America's oil-producing States. The impetus of high prices for the crude oil has caused development opwations to be widespread, and not only is there an oil fever in tho' pjd oil regions, where many abandoned wells are being brought again into production, but 'wilrt-oatting' is being indulged in to a degree never registered before. There is a third aspect which is stimulating production, and that is the deeper drilling which is being resorted to in ninny regions. . . . "In tho prolific fields of the mid-contin-ent, in California, Texas, and also in the newer regions of the States, the records of crudo oil production for the present year show substantial increases, and though it is'certain that the homo consumption of petroleum products in tho States is steadily expanding, it is equally certain that tho gulf between Biipply and demand this year will bo far less gaping than during tho past lew years,

"Wo have reason' to believe .that numerous now aroas of production will In tho not distant future be opened in the States, and the present widespread 'wildoatting' In search of new. production justifies our expressing tho opinion that the results will be particularly satisfactory. Largo as America's oil output has been in the pnßt, there is not the slightest doubt that by a continuance of tho present activity a large gain will bo registered, dot merely for the present year, bK for a long time to come. As in tho past, tho United States is showing its capability to 'deliver tho goods.'"