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OIL NEWSLETTER
PUBLISHED BY THE OIL INDUSTRY INFORMATION COMMITTEE
FOR YOUR INFORMATION:
NUMBER
OF A SERIES
Much of the strength of an industrial nation — in peace or war — lies in its ability to fuel and lubricate its wheels, machines and motors. The American petroleum industry, in the year of half -peace and half-war that just ended, provided the nation with further comforting assurances of its ability to do its part for Uncle Sam and 150 million Americans. The story of petroleum in 1950 unfolds a thrilling panorama of progress and plenty, of what free men can do in a free country to make life more bountiful for a free people.
Preliminary figures for 1950 indicate that domestic consumption of petroleum products soared to an all-time peak — 2,356,000,000 barrels. That breaks down into 6,455,000 barrels a day — or figured in gallons (which is the way most of us buy our basic petroleum products) 271,000,000 gallons every 24 hours. That rate of consumption is 11 per cent higher than a year ago, 33 per cent above the wartime peak of 1945 and 59 per cent above the prewar record of 1941. It is equal to 660 gallons a year for every man, woman and child in the United States.
How did the petroleum industry meet this demand? How did the oil men manage to have abundant supplies of gasoline, fuel oil, lubricants, and other petroleum products available everywhere? They did it by working harder than ever before ; by surpassing most of the peak performances of previous years ; by wisely continuing their expansion and modernization program ; by developing new and better ways of finding, producing and refining petroleum; and by competing vigorously with each other for petroleum supplies and markets.
In 1950, the men and women of oil:.. drilled the greatest number of wells in history ..boosted refinery capacity to an all-time peak ..processed more crude oil than ever before ..passed the billion barrel mark in motor fuel production ..set a new record for production of househeating fuel oil ..shattered old highs for production of natural gas ..increased the nation's proved reserves of liquid petroleum ..plowed back another two billion dollars in capital investment ..spent another 100 million dollars on research
These are the highlights of 1950. They show vividly how oil men met recordbreaking demand by record-breaking performances. But that ' s past history now. A new year has begun and the oil men are moving along in high gear to meet the challenges of 1951. What lies ahead is virtually anybody's guess. But judged by its 1950 operations and past achievements, the oil industry is better able now than ever before to meet the demands of an uncertain future.
If at any time you'd like further information about the oil industry and its operations, please write to me.
Harold B. Miller, Executive Director, Oil Industry Information Committee, American Petroleum Institute, 50 West 50th Street, New York 20, New York.
BROADCASTING • Telecasting
January 29, 1951 • Page 37