Petroleum Economics - Status and Outlook of Petroleum--Supply. Demand and Stocks

Before getting into a discussion of the subject of my paper, I want first to make it clear to everyone that I am speaking as an individual; and that any expressions of opinion that are contained herein, or may be expressed in any oral discussion that may follow its presentation, are entirely my own, and must not be construed to be the official opinion of the American Petroleum Institute. Demand fob Motor Fuel, 1936 During the year just closed the domestic demand for gasoline exceeded 481 million barrels. This compares with 434,810,000 bbl. consumed during 1935 and indicates an increase of 10.46 per cent. Export shipments amounted to 27,831,000 bbl. while in 1935 they totaled 30,613,000 bbl. Total demand, therefore, was 509,422,000 bbl., or 9.16 per cent above the 465,423,000 bbl. of 1935. Following are the figures for several years: Already we are supplying gasoline domestically and as foreign shipments at a rate almost 25 per cent greater than our low level of 1933. Before giving figures for 1937, I should like to spend a moment or two in discussion of gasoline inventories, from the point of view of minimum working stocks and other requirements and of probable actual levels. Inventories of Gasoline The year 1936 closed with about 62,900,000 bbl. of finished and unfinished gasoline in storage—about 6 million barrels more than was on hand