Scientific American, Volume XLIII., No. 25, December 18, 1880, by Various, is part of the HackerNoon Books Series. You can jump to any chapter in this book here. Petroleum Prospects.
Petroleum Prospects.
The total oil production of the Pennsylvania oil regions for the month of October was 2,094,608 barrels. The conditions in the producing field are gradually giving warrant for permanently higher prices of crude. The confidence of the trade is daily becoming more fixed in the definiteness and limit of the Bradford field, as the last of the several "rich streaks" in the region are being worked.
We entertain an increased belief that the coming year will exhibit a continued falling off in the volume of production, notwithstanding all the modern improvements in drilling and the great energy with which they are employed.
For the past few weeks the markets of both crude and refined seem to have been rigorously and artificially held by the refining interest. The refined has been quoted at 12 cts. for four weeks without change—and as a consequence the exporter has taken oil very sparingly. The exports of last year to November 1, as compared with the exports of this year to November 1, show a decrease of 1,269,646 barrels in crude equivalent. The falling off of production, taken together with the increased demand which must result from the present reluctance of exporters, unite in warranting us in the belief above expressed, in enhanced prices for the coming year.
Our figures show a decrease in production for last month, compared with the preceding month, of 933 barrels per day, notwithstanding the number of wells drilled was slightly greater than in the preceding month. It will be noticed, too, that the average per well of the new wells for last month is a little less than that of the new wells for the month before, besides, it is generally recognized that the force of the gas in the region is gradually becoming less, and pumping is more commonly resorted to. As nearly as we can ascertain, about one-eighth of all the wheels of the Bradford region are now pumping. We believe, however, on the whole, judging the character of the Bradford producing field, that the falling off of production will be quite gradual. Our reason for this is that the Bradford field is essentially different from its predecessor—the Butler field. The wells in the Butler field were often close together, many of them were very large and fell off rapidly; while the wells of the Bradford region are smaller, farther apart, much greater in number, have a greater area from which to draw oil, and consequently decline very much more slowly.—Stowell's Reporter.
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