Show tREAT IREAT DE DEMAND FOR OIL WIL WILL GROW CROW GREATER Conditions Pointed Out by Standard Oil Oi President I I Oil 01 now ranks with teel among tho the essential Industries and ono one of ot the I chief concerns Is how to supply not only the present demand but also alBa tho largo large increase which the tho future will wi I require says sas an eastern castern exchange According Ac Ac- cording cording to a recent statement b by Pros Pres President Pres-I Pres i ident enl Teagle of oC tho the Stan Standard ard Oil 01 company company com coin pany of oC New Jersey tho the growth of ot the I oil oi Industry during tho the past thirty years has averaged cd per por cent a year oar Last year car the tho United States produced barrels and thero there were Im Importe Imported Imported Im- Im ported porte from Mexico barrels The Tho e petroleum tAr o Industry d str therefore 1 ref rc I me ue ssi oIt i iper per cent Increase c. c antI and ono one has hns OGO barrels additional required during the present year ear in order to meet tho the Increased demand If I this percentage of ot increase continues and there Is no o reason to doubt that it will wl then five years from now tho petroleum Industry Industry Indus Indus- ind's try In this country will wi need approximately approximately barrels or an In Increase Increase Increase In- In crease of ot barrels compared with wih In 1919 Those figures says Ea'S President Teagle Tea- Tea gb gle lc give rise to a a natural query qu ry as asto asto asto to where this enormous quantity of or crudo oil 01 Is to como come from Crom We Wo have ha e 1 endeavored to do 10 our share In provid- provid Ing lag tho the increased quantities of oC oil on called caled for Cor by the tho needs of tho the Indus Indus- IndusI I tr try This company compan has undertaken In Investigation investigation In- In In fields where prospects of oC immediate return are not sufficiently sufficient sufficient- j ly 13 good to Induce wildcatters 1 or email smal i I companies to Ito assume tile the risks In the tile j I year car 1919 the tile amount of oC crude crudo oil 01 l I brought out b by our s subsidiaries and I II I associated companies showed an nn In Increase Increase increase In- In crease of ot a little better beter than percent per percent cent ent over their production In the pre pro previous Ions year ear Tills This gain Is largely duo ue to the tho op- op of oC the Transcontinental J I Standard Oil subsidiary in 01 operating operating- i i Mexico and to the acquisition of or a I half haIr Interest in the Humble Oil 01 Refining Ito Re- fining fining- fIning company compan which has developed considerable pro production in iii tho the Ranger district as well wel as materially In reas- reas ing ing- Its is production in the tho Texas coastal pools At Homer floater PoolIn Pool In the new now Homer pool In Louisiana Luisiana the rho Standard Oil 01 company compan of ot Louisiana Luisiana I has been active act o in acquiring acquiring acquiring- a large acreage It may be bo months before we J I will wil l know ow Just what the Louisiana Luisiana I company's compans dally daily production will be daly wi o ow ow- ing lag entirely to tho lack of ot pipe lines and adequate storage facilities At I present the they are running running about barrels a a day from Homer and have havo shut in in awaiting the completion of oC ad additional ad- ad pipe lines six wells el each one of or which Is estimated to have o a po po- po- po pro production of ot from Crom to 1000 15 1 barrels a da day In Iii the exploration and development of production outside e of oC the United States tho the producing department is carrying car car- on an active campaign This company compan Is not only operating in Rumania Ru Ru- mania but Is also Investigating prospective prospective pros pros- oil oi pro producing properties elsewhere elsewhere elsewhere else else- where In Europe In South America Amelica wo we h have he e oil 01 men and geologists working I I in several countries securing such nuch tracts as as In their judgment mIght might I warrant actual development work worl Tho The International Petroleum company compan lm- lm urn lim Het a Standard Oil subsidiary Is 01 arranging arranging arranging ar ar- ar- ar ranging ranging- for an Increase of oC per cent in Its Is drilling drilling- driling campaign an and the tho testing test test- ing out of oC further InS a considerable portion porton por por- portion tion ton o of H Ha its largo large acreage acreage- In tho South American field 1 |