Petroleum Industry in 1929

PROGRESS in the petroleum industry in 1929 has been characterized by outstanding accomplishments in the fields of new discovery of supply, economic control of production, increased efficiency and reduced costs of recovery, and lowered costs and greater flexibility in manufacture. Resources have been developed in an outstanding degree in the Kettleman Hills. California, the Oklahoma City field (which adds a large potential area in central Oklahoma), the discovery of Woodbine sand production in East Texas, and the discovery of Wilcox sand production in west-central Kansas. Engineering technique has progressed both along the lines of development and production, with a net result that costs have been reduced and extraction increased in notable degree, although it is impossible to give a close measure of either. In the field of re- fining crude oils variations to the end of promoting reduced cost and greater flexibility has been more important than genera! acceptance of innovations in practice.