The Petroleum Industry - Oil Production Greatest in History, With Good Profits, But Some Economic Problems Remain

NINETEEN Thirty-Six was the biggest year in volume in the history of the oil industry, and unquestionably the best since 1929 in respect to profits. The quota of new and difficult problems to face seemed a little smaller during 1936 than in most recent years, and a somewhat better balance existed between the different branches of the industry. 'Domestic consumption of gasoline in 1936, estimated at about 475 million barrels-the highest on record, was approximately 11 per cent above 1935, and 26 per cent above 1929. Demand for crude oil increased in about the same proportion: over 1935, and the average production, of about three million barrels daily,' constituted a new high level.