AMERICAN OIL.

Manawatu Herald, Volume XLII, Issue 2194, 26 October 1920, Page 2

AMERICAN OIL.

'DOUBTS have recently been expressed that the supply of oil was likely in the future to prove unequal to the demand. It is reassuring to know that the Petroleum Times has no fears of such a contingency, which would be disastrous to the ever-increasing number of industries to which the future supply of oil is of supreme importance. Writing on July 17th last, the Petroleum Times says; “In spite of all the pessimism we hear as to the-inability of the oil-producing fields of the United States to even meet their owji requirements in oil, it can be asserted with safely that the production of crude oil in America has now reached figures which far sum pass all previous records, and if only the same success continues.to attend' oilfield operations as that which has characterised them during the first half of the present year, the total crude oil production of the United States for 3920 will exceed 400,000,000 barrels, or approximately 00,000,000 tons.” Such a definite statement from an authoritative source is distinctly reassuring, and though the editorial admits (hat there is still considerable difficulty in securing regular equipment for oilfields operations, field work in the whole of America’s oil-produc-ing Stales is proceeding far more actively than was possible in the earlier months of the year. The impetus of high prices has .stimulated oil production and caused widespread development operations, even in the old oil regions. As might be expected, however, “wild-calling’’ is being indulged in “to a degree never registered before.” Another element which contributes to an increasing oil supply is the deeper drilling’ which is taking (dace in some regions. This deeper drilling has tapped now oil horizons, and the Petroleum Times knows of no ease where it has totally failed to reveal new and hitherto untonehed oil reserves, and a considerable portion of the increased American output is due to deeper drilling. “Barge as America's oil production has been in the past,” concludes the editorial, “there is not the slightest doubt that by a continuance of (he present activity a large gain will be registered, not merely for the present year, but for a long lime to come. As in the past, the United Slates is showing its capability to “deliver the goods.”