Show PETROLEUM IN 1912 the great production of petroleum in r 1911 which was barrels was equaled and passed in 1912 when the total reached barrels higher prices were the rule in 1912 except in california and even in that state there was no material decline the total value therefore increased markedly reaching or 2241 per cent above the value for 1911 the greatest increase in quaintly was in california where the total advanced from to barrels a gain of barrels or per cent wyoming showed the remarkable gain of par cent from barrels to barrels owing to the increased activity of the midwest mid west oil company and the wyoming oil melds fields company operations in northern texas also more than offset the usual decline in the gulf region and resulted in a significant gain for the state the volume of crude oil and of au all the usual products exported from the united states increased owing to the fact foreign conditions were much more mo e favorable to american exporters meanwhile the importation of gasoline from the east indies was a favorable element in relieving the growing demand for thia product on the pacific coast the improved conditions condi tiong in the export trade and the increased capacity of the refineries fin eries to take care of the great yield of crude oil resulted in a marked decline in stocks in all fields except california and even there the storage of petroleum was checked by an increase in consumption the total stocks of all crude oils at the beginning of 1912 aggregated agre gated barrels by the close of the year they had declined to barrels a decre decrease ilse of about 10 per cent the decline was greatest in the fields east of the rocky mountains where on january 1 1912 the stocks aggregated barrels they were reduced during the year to barrels a decrease of about 16 per ent this decline at once brought out a marked stimulation of prices all over the east with a view to increasing the activity of drilling its effect was so marked that the natural decline of the older fields was checked even ohio showed a slight increase in production in 1912 for the first time in twelve years |