The economics of petroleum . uarter of the year,1914 1915 1916 1917 1918 1919 1920 gasoline prices fell „,,„,, . f ^u • • + (• away gently but Fig. 113.—Comparison of the increase m cost oi a • . typical well with the increase in price of crude steadily m opjiositionpetroleum in the Mid-Continent Field, 1913-1920; to the continued up-data from Bates and Lasky. (Figures for 1913 = 100.) ward trend of crude. The departure, how-ever, was slight and to be attributed to local variations, perhapsfortuitous, and certainly with little, if any broad significance. Thisperiod, on the whole, was uneventfu
The economics of petroleum . uarter of the year,1914 1915 1916 1917 1918 1919 1920 gasoline prices fell „,,„,, . f ^u • • + (• away gently but Fig. 113.—Comparison of the increase m cost oi a • . typical well with the increase in price of crude steadily m opjiositionpetroleum in the Mid-Continent Field, 1913-1920; to the continued up-data from Bates and Lasky. (Figures for 1913 = 100.) ward trend of crude. The departure, how-ever, was slight and to be attributed to local variations, perhapsfortuitous, and certainly with little, if any broad significance. Thisperiod, on the whole, was uneventful and characterized by The dishing Depression.—The gasoline response to the Cushingoverproduction was immediate and striking. With the seriousimpairment of the crude-oil market, the price of gasoline respondedwith an almost parallel THE PRICE OF GASOLINE 243 3. The Recovery of 1915-1916.—Closely paralleling the recoveryof the crude market following the culmination of the Gushing episode,and as a result of the same range of causes, gasoline advanced over60 per cent between July, 1915, and May, 1916, attaining a price-level scarcely less than that prevailing at the end of 1918. Thesuddenness of the advance in respect to a product in universal use,following so closely upon the heels of an era of cheap gasoline, createdcountry-wide interest and concern and led to an investigation on thepart of the Federal Trade Commission, which reported that adecreasing supply of light crudes, coupled with increasing foreignand domestic demands, explains a part of the advance in gasolineprices during 1915, but that part of the advance in certain sectionsat least, was unnecessary and to a certain extent due to artificialconditions. ... But whatever the validity of these conclusions,which must be judged on their own merits, the situ
Size: 1306px × 1914px
Photo credit: © The Reading Room / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: ., bookcentury1900, bookdecade1920, bookpublisheretcet, bookyear1921
