The Petroleum Industry - Production Decreased; Crude Reserves Again Augmented; Exports at Record High

CRUDE oil production in the United States during 1938 reached approximately 1,214,355,000 barrels, an average of 3,327,000 barrels per day, or 5 per cent below the 1937 record output of 1,279,160,000 barrels. The decreased production did not prevent the stocks of all products from increasing to a total of 575,954,000 barrels by Sept. 30, an increase of 10,957,000 above the total on Jan. 1, or an average daily storage increase in all products of 40,135 barrels. The increase in total stocks was made entirely in the refined products, stocks of crude oil during the first nine months of 1938 having actually declined 7,155,000 barrels to 299,671,000 barrels, or an average daily decline of 26,209 barrels. The 1937 reversal of the preceding five-year trend of discoveries totalling less than withdrawals was continued through 1938 with indicated reserve addition from both new discoveries and extensions considerably in excess of the