PETROL AND MORE PETROL

Hokitika Guardian, 26 July 1927, Page 2

PETROL AND MORE PETROL

AMAZING PRODUCTION. Petroleum production in tlie United States reached new'high levels during March, the output for the month totaling 75,301,000 barrels, a daily average of 2,429.000 barrels. The daily average showed an increase of one-fifth of 1 per cent over the previous record established in Kebruary of this year and of 24.1 per cent over March, 1920. Increased production in. the new Seminole field again accounted for the rise over earlier months. The output of this field increased by about 25,000 barrels to an average of 300,000 Barrels per day, thus more than off-setting decreases in the older fields, which were caused by price declines. Domestic consumption amounted to 54,523,000, barrels a daily average of 1,758,8000 barrels. 'I he daily average consumption was higher than in February, but was not .sufficient to absorb the increase in production, and stocks, accordingly rose for the fourth successive month, standing at 259,894.000 'barrels on March 31 the highest total since January of last year.

Gasoline production amounted to 27.886,000 barrels, a. daily average of 899,500 barrels. The daily average output showed a. gain of IG.S per cent over the like month a year ago, and was second only to the record daily average registered in January of this year. Consumption totalled 22,461,000 barrels a daily average of 725.000 barrels. increase of 11.3 per cent over the daily average from February and of 1(3.2 per cent over the daily average for March a year ago. Stocks again •increased, amounting to 52,410,000 barrels at the month’s end, this being the highest total recorded in at least three years, and probably the largest of all time.