Evidently the petroleum industry is slated for interesting developments in 1925, despite the fact that last year saw the most stabilized situation in oil for many years. For the first time since 1906, domestic crude production failed to exceed that of the preceding year−mainly the result of the decline in flush California output by 32,812,000 barrels from the total established in 1923. Crude oil storage increased 19,000,000 barrels, against 79,578,000 in 1923 and 79,000,000 in 1922. Meanwhile, the record of annual demand for petroleum products was again broken last year.
Production and imports of...
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