Show petroleum industry plays key role in states development petroleum industry which had its beginnings almost half a century ago is playing a key role in the continuing growth and development of the state A T farrell state chairman of the oil industry inform aaion committee said today mr farrell noted that while oil was not produced in utah in significant quantities until about 1950 production in 1954 was 53 per cent that of four years vears before and it is still on the upswing the future of contributions to the state in revenue essential products taxes services and other tangible benefits of social und d economic importance and bight bight indeed he added competition mr farrell of continental oil company compan sil salt lake city based his remarks remar kii on a study growing place in economy just published by he the american petroleum institute he ile emphasized thai that competitive enterprise the tile of evi tiling eliat makes america tick tio k has mado made it pos sible for the oil industry to grow with ith the growing needs of the public and to serve the ceoil z well in quantity quality and price utah is a big consumer of pe p products mr farrell said and many facets of its economy rely on oil he ile said utah citizens consumer nearly gallons of major petroleum products an ail amount equal to gallons per person this represents an increase of 52 5 per cent over the last five years utah refineries process some barrels of crude per day while hile wells in the state produced an ail average of barrels daily in 1955 the states refineries draw heavily on out of state sources primarily colorado to the extent of more than barrels per da and this crude oil is brought in by pipe line utah requires about bar aiels a day of major products for its own use impressive mamounis amoun of products are shipped from utah refineries by products pipe line to consuming areas in ill the northwest marketing chain tying in with the growth of production is an ail expanding transportation distribution marketing chain that not only provides supplies for the thousands of consumers but also generates increasing amounts amount of tax continued on page 10 16 rt PETROLEUM INDUSTRY PLAYS ROLE continued linued from pane page 1 8 ti the tile state ga arn nit aunt lit asoli ru taxes alone mount to more than 12 dollars a year these taxes arc are in addition to those paid direct 1 b by ati the C industry mi ali farrill taid he ile albo pointed iut cut that bu business iness taxes and ll 11 cense fes contribute maLeri materially ally to state county and comman onn ity offers coffers there are approximately 1675 1673 stations and garages in utah and in 1955 they did cin an estimate ed d dollars worth of bus business an all increase of 61 per cent since 19 41 mr farrell said ho ile emphasize emph asiz d too that the tile majority of these service stations ure are independently owned or operated by local business men who retail well known brands oil installations in utah are growing g he lie conti continued aed currently 91 there are 92 producing wells 5 refineries with a capacity of barrels daily and miles of pipe lines the approximate capitol investment jrr refineries Is million and in pipe hnis is estimated at 58 4 million motor and fuel oil principal petroleum products used in utah are motor fuel and industrial fuel oils passenger cars buses and trucks used gallons oft notor luel fuel in 1955 1953 during the same year gallons of industrial fuels were consumed by utilities and gallons by industrial du consumers householders now require more than 24 gallons of home heating heating oil more than nine times the amount used in 1949 1941 the number of ways in which petroleum Is used in utah and the number of services it performs are too many by tar far even to begin counting BU farrell said compensation is the factor which not only keeps the industry on its toes but also keeps prices at reasonable levels in this nation on wheels where state boundaries are no barriers to the touring motorist the official said ou state benefits from the oil pro duct purchases of guests from nil nit ovar america ard avd our citizens individually enjoy enoy thanks to oil a 1 decree degree of comfort convent nee nce and security in any other part ot of the globe |