Salt Lake Tribune | 1918-04-07 | Page 30 | Advance in Crude Oil Price Expected

ADVANCE IN CRUDE OIL PRICE EXPECTED Surplus Stocks Are Drawn on Regularly; Regu-larly; Production Must Be Stimulated. Additional advances in prices of crude oil are expected shortly. There has already been an advance of 'Jo cents a barrel iu important grades so far this year, but it is thought still higher prices are necessary in order to stimulate new production, which is badly needed. In February, surplus stocks were drawn on for more than 1,000.000 barrels. bar-rels. Of this more than 630,000 barrels were drawn from storage fields east xif the Rocky mountains, while California stocks were withdrawn to the extent of -112,000 barrels. Surplus stocks in fields east of the Rocky mountains are estimated at HO.-1100,000 HO.-1100,000 barrels, while total stocks iu California amount to 31,000,000 barrels. These surplus stocks are regarded as low, notably in California. Decrease in February follows an even greater decline in January. -In fields east of the Kocky mountains stocks decreased de-creased in January approximately 1.500,-000 1.500,-000 barrels, whereas m California stocks declined more than (570,000. Compared with a year ago, prices of crude oil show a, substantial advance, especially Pennsylvania, which is almost $1 higher. Frice' of Mid-Continent is 55 cents above last year's price.