Petroleum - Review of American Production (Summary; with Discussion)

A comparative balance sheet for 1924 and 1925 follows: 1925 1924 Barrels Barrels Gross production..................................... 763,000,000 714,000,000 Imports of crude oil.................................. 62,005,000 77,776,000 Imports of refined oil................................. 16,263,000 16,470,000 Total......................................... 841,268,000 808,246,000 Surplus supply....................................... 25,000,000 30,246,000 Indicated domestic demand........................... 704,465,000 667,000,000 Exports crude oil.................................... 13,353,000 17,913,000 Exports of refined oil................................. 98,450,000 93,087,000 Total......................................... 816,268,000 778,000,000 Stocks, Dec. 31 (crude 410,654,000).................... 538,000,000 513,000,000 These figures show an increase of 49,000,000 bbl. in production and little change in oil imported; 37,000,000 bbl. greater apparent domestic consumption and actually greater utility in consumption, due to increased gasoline production by cracking; and 1,000,000 bbl. more crude and refined oil exported in 1925 than 1924, representing a total apparent increased demand of 38,000,000 bbl. The excess of demand over supply in 1925 was 25,000,000 bbl. The increase of stocks over those at the close of 1924 was 25,000,000 bbl. Of the stocks on hand at the close of 1925, about 82,000,000 bbl. in California were not refinable. Imports from Mexico and South America It would not be surprising if, by 1930, we should actually welcome the imports from Mexico, Venezuela, Colombia, Peru, Argentina and Trinidad. If these States produce 155,000,000 bbl. and use, perhaps, 30,000,-