Oil And Gas Conditions In Kentucky And Tennessee During 1923 (96b3d5b6-b9a6-4eee-842e-a1da0b556da0)

THE year 1923 has been a dull period in oil development in Kentucky and Tennessee, with the exception of the Kettle Creek area along the Tennessee-Kentucky line, in Clinton and Cumberland Counties, Kentucky, and Clay County, Tennessee. The price of oil during the year has been so low that wildcatters have shown little interest in drilling. At the beginning of the year, light oil sold for $2.31 per barrel and medium oil for $2.06 per barrel. Prices increased to the highest point for the year in February, when light oil brought $2.86 per barrel and medium oil, $2.61. In April, prices had declined 35 c. while in May an additional decline of 25 c. went into effect. During June, prices declined 20 c. per barrel; during July, 45 c. per barrel; remained stationary during August and September, and dropped during November and December to the low price of $1.36 per barrel for light and $1.21 for medium oil. At present, an increase of 29 c. has brought the price of light oil up to $1.55, and indications are that the price will continue to increase during the coming months. It can readily be seen that during 1923 the price of oil was such as to prevent any drilling except that necessary to hold leases and to maintain production enough to take care of overhead expenses.