Petroleum Industry - Foreword

PETROLEUM consumption during 1946 broke all previous records and further increases are expected during 1947. U. S. consumption amounted to an average of 5,280,000 bbl a day, of which 4,745,000 bbl was domestic crude oil, with the rest from natural gasoline production and crude oil imports. World consumption during the past year, excluding Russia, is estimated at 7,200,000 bbl daily. Forecasts for 1947 indicate a U. S. consumption of 5,425,000 bbl daily of petroleum products. This is expected to be made up of 4,655,000 bbl of domestic crude oil production, 340,000 bbl of natural gasoline production, 400,000 bbl of crude oil imports, and the rest from stocks. Petroleum's principal use is still as a fuel. The field remains highly competitive, but petroleum has been continuously progressing. Less than fifty years ago, oil supplied only one twentieth as much of the nation's total energy as coal, but today it supplies over half as much.