Ogden Daily Standard | 1915-11-18 | Page 1 | Two Dollar Oil Reached Today

TWO DOLLAR OIL REACHED TODAY Goal of Hundreds of Producers Attained When Last Advance Ad-vance Is Announced. Pittsburg, Pa., Nov. IS. Two dollar oil, the goal of hundreds of producers throughout the country, was reached this morning when the South Penn Oil company announced the second advance in crude oils for the week as -follows Pennsylvania crude, $2: Mercer Black, New Castle, Corning, $150; Sabell. $1.55; Somerset, $1.42 Ragland, 70c. This is an advance or 10 cents a barrel on each grade, except Ragland, which aemalned unchanged. Oil started to advance last August and impelled by curtailment of production pro-duction abroad and increased consumption con-sumption in this country, has been going up ever since. Five cents a barrel was added from time to time by the purchasing ageucies, but not enough oil came out to satisfy the demand de-mand and this week 15 cents mora was offered This new price is expected ex-pected to bring out the greater part of the several million barrels of crude oil known to be above ground and to stimulate drilling in the hope of Increasing In-creasing production. Of the amount known to be available, competent authority au-thority said today, a million or more barrels were In the West Virginia field 'alone