Salt Lake Telegram | 1920-10-24 | Page 20 | Another Advance is Made in Oil Price

r ANOTHER ADVANCE IS MADE IN Ol PRICE An advance of ot 25 cents a a barrel barre in Somerset Somerset light ight oil 01 is a further indication of of- or heavy demand for tor petroleum products which results in continued strength of ot crude oil 01 This is the second advance In Somerset in recent weeks and present present price of Qt 50 4 compares with wih posted prie price of March 1 last Refiners 0 say sa consumption of gasoline continues abnormally high for this season season sea sea- son and as yet they have had practically no opportunity to lay aside any surplus The Thc continued good god weather wether has brought ah unusually heavy demand lemand for gasoline Jl 1 e peak o of the motoring requirements Ye Being Ing extended beyond the usual Labor Labord d day y y hints Aside from big increase In domestic consumption of petroleum products ex- ex port has been beer establishing record record record rec rec- ord figures Exports in July were clase to lo gallons with wit value in ex excess ex cx- cess ot The latter latter figure was more than double that of July a year ago aso mort Exports thal of petroleum products In lii first seven months of this year were above gallons with value close to In the same period of ot cose 1919 exports of petroleum products were valued at and in at While there will wi undoubtedly be considerable considerable con con- slackening in consumption of or gasoline in th the next few months production production fall fan fallOff off measurably tion of ot crude oil will wi because ton of weather oi Light oil 01 production field for week ended tion In ton October 2 Is estimated to have been barrels against barrels early August As winter months approach in weather Augst will hamper drill drilling ng so that I completions wi will be he rather reduced I new Another factor which wi may be e expected to be felt feltIn in the next few months is i decline in drilling the last last few the months At beginning of October there were 1256 fewer oil oi wells wels being drilled dried 1 representing a decline August than on Augst months Inability of 10 0 per per cent cent In two two to ot get sufficient cars to transport drilling drill drill- dri- dri ing was largely the cause of ot this InS decline