Show California's Oil Oi Supply Nearing Normal Point FORT WORTH Tex ex Dec 11 31 1 By A. A P P. California I or oil 1 production has dC y t i declined over 08 barrels r per r day from the peak in September 1923 and this decline is continuing steadily at atthe attie tIde the tie rate of or about 2 I per cent per pP month D D. D M. M Folsom of or the General Petroleum corporation San Francisco said to the members of the American Petroleum In Institute In- In here tonight One effect erect of ot the decline the said with Wilh Increased ed Pacific coast demand denand will wi be to take nia oil 01 production out of competition with wll oil 01 We Ye are on the point Mr Folsom predicted o or of turning turing back backas as far as California Is concerned to a a position where we will wi only be able to supply the demand of the Pacific coast coat and of ot such export markets as should ordinarily be be S served servel with California Mr Folsom reviewed California production production pro pro- ducton since January 1 I 1922 It I brought barrels barels of ot oil on from the ground It I expanded Its Us markets I shipped to the Atlantic co coast or cc to European European Eu Eu- markets a within rt fn the last ast s O two years barrels barrel and saw Its Ils own O market for tor oil 01 grow from barrels dally daily caly to for tor pe nod Iod and even now now has on hand in storage stor ator- p. p age tanks barrels or about one fourth of ot the total volume of st stored oil In the United te Stats States a oil toil But t I believe li he said al that this surplus production will wil soon be reduced to the vanishing point and furthermore that our supply of stored oil oi must be beheM beheld beheld held heM for fOI our ou own requirements I AVe Ve expect be he continued to get back stored oC through oil the e t the cost s prices priced r of the received oil Itself s for our the tha h i cost of tanks and reservoirs which may never nevet again be in use use he car carrying charges including both Interest and evaporation losses an dalo expect to tomake tomake tomake I make some profit ourselves |