Stocks of crude petroleum held in the United States on December 31, 1914-1923 [Thousands of barrels of 42 U. S. gallons] • 1919 to 1922 includes stocks of foreign oil held at refineries, which on Dec. 31, 1922, amounted to 11,103,000 barrels. Figures for Dec. 31, 1923, include only foreign petroleum held by importers elsewhere than at refineries. For stocks of crude petroleum held at refineries see pp. 405 and 425. Based on average daily rate for the year of deliveries to domestic consumers and exports. In 1915 and 1916 stocks held off producing properties by certain companies were classed as producers' stocks, but for subsequent years similar stocks are classed as tank-farm stocks. From Standard Oil Bulletin; include, in addition to gross pipe-line and tank-farm stocks, some unfinished products of topping plants that were turned back to pipe lines and also producers' stocks. Exclusive of producers' stocks in California. As reported by revised method; see U. S. Geol. Survey Mineral Resources, 1921, pt. 2, p. 284, 1923. Pipe-line and tank-farm stocks reported net. i Producers', pipe-line, and tank-farm stocks (but not refinery stocks) of crude oil, residuum, and tops reported by American Petroleum Institute. Stocks of crude petroleum held in the United States at end of each month in 1923 [Thousands of barrels of 42 U. S. gallons] • Producers', pipe-line, and tank-farm (but not refinery) stocks of crude oil, residuum, and tops (American Petroleum Institute). •Topped oil topped in Mexico. Includes 3,167,000 barrels formerly classed as refinery stocks. Stocks of crude petroleum held at refineries in the United States at the end of each month in 1923 a [Thousands of barrels of 42 U. S. gallons] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Domestic 29, 914 28, 113 19,940 19, 194 22, 662 23, 354 24,791 25, 383 27,767 28, 898 28, 528 29, 995 30, 153 29,756 10, 274 8, 919 8,471 7, 989 6, 720 8,335 5,814 5, 373 4, 225 3, 674 2,859 3, 503 31, 133 31, 343 31, 511 31, 718 33, 581 34, 271 32,753 33, 669 33, 012 33, 259 • Bureau of Mines. CONSUMPTION Although petroleum is utilized chiefly in the form of refined products, concerning which summarized statistics are given on page 425, considerable crude oil, especially the heavier grades produced in the California, Gulf coast, and other domestic fields and heavy crude oil imported from Mexico, is consumed as such without topping or refining in any way. Complete data concerning these uses of crude oil, distinct from fuel oil, have not been compiled. Besides runs to refinery stills, the only available figures of consumption of crude oil as such are those showing consumption in the operation of crude-oil pipe lines and consumption of oil on the producing properties given in the table on page 408. Figures showing indicated deliveries of crude petroleum to domestic consumers, by fields of origin of the oil, are given in the table below. A table showing indicated domestic consumption of crude petroleum, including runs to stills at refineries and the indicated other consumption of crude oil, chiefly for fuel, and including losses, is also given below. The relation between supply of crude petroleum (production, imports, and stocks) and demand (indicated deliveries to consumers and exports) for a number of years is shown by Figures 18 and 19. Annual deliveries to domestic consumers plus exports of domestic and foreign crude petroleum were greater than the quantity of domestic petroleum marketed" from 1911 to 1918, except in 1914. They were greater than domestic "petroleum marketed" plus imports in 1916, 1917, and 1918, the result being that in these three years stocks were drawn upon. In 1919 and 1920 deliveries plus exports amounted to slightly less than combined production and imports, and in 1921 and 1922 they were considerably less, resulting in large additions to stocks. In 1923, because of the greatly increased production and in spite of record high consumption, deliveries plus exports were slightly less than domestic production (see fig. 18) and stocks were increased by more than 822 million barrels, a quantity greater than the total imports of crude oil. The monthly relation between the new supply (production and imports) and demand from January, 1919, to December, 1923, is illustrated in Figure 18. From October, 1919, to May, 1920, deliveries plus exports exceeded production plus imports. But from MILLIONS OF BARRELS June, 1920, through December, 1923, except only in December, 1922, for a period of 31 months, deliveries plus exports were not only less than production plus imports but for a period of seven months, from May to November, 1923, were less than production. FIGURE 19.-Supply and demand for crude petroleum contrasted with price of Oklahoma-Kansas grade crude petroleum, 1918-1923 1923 DOLLARS |