Petroleum Production - A Review

CURRENT production of petroleum on such a vast scale presents many interesting problems- the solutions of which are important not only to those directly interested in the business, but to the nation as a whole. The industry is relatively young. Until the discovers of the Lucas gusher at Spindletop in 1901 petroleum production had not exceeded 60,000,000 bbl. per year compared with 1,100,000,000 bbl. in 1936. In 36 years then, the modern oil business, production, transportation, refining, and marketing has developed. I will first present a brief history. of oil production as a background for consideration of the present situation.