RI 3417 Survey of Crude Oil in Storage, 1936-1937

"INTRODUCTION Early in 1936 the Interstate Oil Compact Commission and other groups interested in forecasts of demand for petroleum requested the Bureau of Mines to make a physical inventory of crude-oil stocks in the United States, Accordingly, the 74th Congress appropriated funds for conducting such a survey during the fiscal year ended June 30, 1937. In the discussions and hearing 2/ relative to the need for the survey, the opinion was expressed that crude oil held in storage for long periods had lost so much of its gasoline content that the economic significance of total stocks should be discounted materially. Therefore, a primary objective of the survey was to make a physical inventory of the crude oil held in storage above ground and to determine the quantities and characteristics of the light fractions contained in the various stocks."