IMPORTS AND EXPORTS OF CRUDE PETROLEUM

The statistics of imports and exports of crude petroleum and shipments to territories given in the following tables, unless otherwise specified, have been compiled by J. A. Dorsey, of the United States Geological Survey, from records of the Bureau of Foreign and Domestic Commerce, in which some topped oil is included with crude oil. Similar data for refined products of petroleum are given with refinery statistics on page 425.

The imports for the year were 45 million barrels less than in 1922. The decrease was due to a falling off in the production of Mexico, from which more than 95 per cent of the imports are derived. Peru ranked second in 1923 as a source of imported crude oil. As noted on page 369, the falling off in imports was more than counterbalanced by receipts of California crude oil at Atlantic and Gulf coast ports.

Exports of crude oil increased 7 million barrels over those in 1922. As in former years, most of the exports of crude oil went to Canada, but the quantity exported to Canada for a number of years has been between 6 and 9 million barrels, and the increase in 1923 was due chiefly to greater exports to Mexico. These exports were almost if not quite all from California, and, together with decreased exports from Mexico to the United States and decreased production in Mexico, they emphasize the changed conditions in that country.

Crude petroleum imported, exported, and shipped to Territories, 1914–1923 •

• Compiled from records of the Bureau of Foreign and Domestic Commerce. Includes exports of foreign crude oil. Corresponding exports not included in figures prior to 1919,

They were, however, negligible.

• Compiled from records of Bureau of Foreign and Domestic Commerce.

Imports cover Sept. 1 to 21.

Imports cover Sept. 22 to Oct. 31.

STOCKS

In this report stocks of crude petroleum are classified as follows: 1. Producers' stocks, or petroleum held on the producing properties (lease or "field" storage). Producers' stocks are reported to the Geological Survey annually.

2. Pipe-line and tank-farm stocks, or petroleum that has been transported from the producing properties but not delivered at refineries or at other points of consumption. For the States east of California such stocks are reported monthly to the Geological Survey as gross stocks, including the total contents of tanks and pipe lines,

FIGURE 17.-Pipe-line and tank-farm stocks of crude petroleum contrasted with indicated days' supply,

FIGURE 18.-Daily average production of petroleum, production plus imports, and indicated deliveries to domestic consumers plus exports, by months, 1919-1923

and as net stocks, which are gross stocks minus sediment and water. The stocks reported for California are compiled by the Pacific coast office of the American Petroleum Institute and include producers', pipe-line, and tank-farm stocks (but not refinery stocks) of crude oil, residuum, and tops.

3. Refinery and other consumers' stocks, or petroleum that has been delivered at refineries and at other points of consumption. Stocks of crude petroleum held at refineries are compiled by the Bureau of Mines. Data concerning stocks held by other consumers

are not available.

Prior to 1923 refinery stocks of domestic and foreign crude oil were not differentiated in statistical statements, and there was duplication in the reports of refinery stocks and stocks of foreign petroleum held in the United States by importers. This duplication has been eliminated since December, 1922. On December 31, 1922, 11,103,000 barrels of foreign petroleum (crude and topped oil topped in Mexico) was held by importers at refineries in the United States. The deduction of this duplicated oil explains the jog in the curve shown in Figure 17.

On December 31, 1918, shortly after the end of the war, stocks of crude petroleum, exclusive of consumers' stocks, had been reduced to 128,586,000 barrels, a supply sufficient for 113 days at the then current annual rate of deliveries to domestic consumers, plus exports. The previous high point was at the end of 1915, during the period of flush production of the Cushing field, when 194,185,000 barrels of crude oil was held in storage (exclusive of consumers' stocks), or enough for 241 days. Since 1918 stocks have increased greatly, and on December 31, 1923, producers', pipe-line, and tank-farm stocks of domestic crude petroleum and stocks of foreign petroleum held in the United States by importers elsewhere than at refineries amounted to 344,624,000 barrels. On account of the increased rate of consumption this record quantity was equivalent to an indicated supply for only 172 days. The fact that indicated days' supply, measured by the current monthly rate of deliveries to domestic consumers and exports, has not increased in proportion to stocks and in the later part of 1923 was less than during the first part of 1917, on account of the increase in the rate of consumption, is shown in Figure 17.

A summarized statement of stocks of crude oil, exclusive of refining stocks, held in the United States on December 31 of each year from 1914 to 1923 is given in the table below. Stocks held on the last day of each month for 1923 are shown in the table on page 404. Stocks of crude oil and of refined products held at refineries on December 31 of each year from 1918 to 1923 are given on page 425.