THE ROMANCE OF THE OIL INDUSTRY.

Taranaki Daily News, Volume LV, Issue 186, 24 December 1912, Page 4

THE ROMANCE OF THE OIL INDUSTRY.

Some very interesting facta and figures with reference to the progress of the oil industry and its prospects are given wif leCent issue of tho Petroleum Mail. What has led to the rapid development of the industry during tho past few decades, it is recalled, is, of course, the additional use s to which oil can now be profitably put. As showing the vast change that has taken place in the condition of things it is only necessary to mention that, whereas in (say) 1875 America and Russia were the only producing countries, Burmah, Borneo', Roumania, Galieia, Mexico, India, Egypt, Trinidad and the colonies are also noted for their oil working. The amount of British capital alone that is employed.in the industry is simply staggering. Here

is the latest return on the subject:— i Australasia, £3,505,000; Austria-Hun-gary, ' £6,000,000; California, £12,200,000; Egypt, etc., West Africa and the Transvaal, £4,305,000; India, etc., £8,000,000; Mexico, £7,000.000; North i America, £5,000,000; Persia, £3,000,000; Russia, ;t22,000,000; Scotland, £1,020,000; South America, £3,000,000; West Indies, £2.000,000; Europe, £3,000,000; Trusts, etc., £52,000,000; total. £1:;2,751,000. The Mail points out that it is a truism in the oil industry that oil creates its own demand. "It is," it says, "a remarkable fact Unit practically the whole of the new oil-producing areas brought in during the last ten years have yielded oil essentially suitable for fuel and at the same time capable ot supplying a considerable proportion of benzine or petrol. Concurrently and in practically the same ratio, the industries in which oil forms the driving power have progressed." As an exemplification of this fact it is. for instance, stated that whilst the production of fuel oil in the United States amounted to only 4,000,000 barrels in 1000, it stood two years ago at 78,000,000 barrels. According to the Mail there can be not the slightest doubt that the future is with oil. "What is holding back the more rapid adoption of oil for fuel purposes," it asserts, "is merely the lack of transport and other facilities. Soon, however, this obstacle will be surmounted, for there are at least 70 oil-tank steamers on the stocks, and the chief firms interested in the producing and distributing branches are quite alive to the possibility .of oil in the Home land and all other countries. When it is possible to transfer the vast surpluses already in storage to those countries which have awakened to the advantages of oil fuel and supply oil at a rate which would compare favorably with coal, taking into consideration the greater economies and the greater efficiency which can ho effected, the use of oil for marine, railway and industrial purposes would very rapidly extend. What is needed is a more equal distribution of the vast oil supplies available .throughout the world, which will foreshadow the invasion of oil wherever heat production and power production are necessary."