PETROLEUM. 



Market Value. The price of crude petroleum has 

 varied greatly. The highest price realized was $20 per 

 barrel during the first five months following the date 

 of drilling the first well by Col. Drake in 1859. The 

 production, however, soon exceeded the demand, and 

 there being at that time but imperfect facilities for 

 storage, the price declined rapidly and reached the 

 lowest point in November, IStil, when oil was sold at 

 the wells at 5 cents per barrel. As improved methods 

 for refining the oil were invented the demand increased 

 and the price advanced, reaching $14 per barrel in 

 July, 18&4. This was in the early history of the 

 industry. During the last eight years, while the fluc- 

 tuations have at times been sudden, the range of prices 

 has been with ; n narrower limits and values have been 

 for the most part governed by the usual trade condi- 

 tions. Speculation on the petroleum exchanges has 

 at times governed prices and caused depression in 

 values despite decreasing stocks, increasing consump- 

 tion, and restricted production. Thus, dunng the first 

 half of the year 1888 the price of crude petroleum 

 has averaged lower than during the year when the 

 stocks were largest and the production much larger. 

 Table I. gives the highest and lowest prices per barrel 

 of 42 gallons in each year, and the month when such 

 prices obtained : 



TABLE l.Bigheil and Lmcttt Price. 

 Year. Month. Highest. Month. Lowest. 



1859 September $20.00 September $19.50 



1860 January 20.00 December 2.00 



Year. 



1861... 

 1862.. 

 1863... 

 1864... 

 1865... 

 1866... 

 1867... 

 1868... 

 1869... 

 1870.., 

 1871... 

 1872 .. 

 1873... 

 1874... 

 1875... 

 1876... 

 1877... 

 1878... 

 1879... 

 1880... 

 1881... 

 1882... 

 1883 ... 

 1884... 

 1885... 

 1886... 

 1887... 

 1888... 



Month. Highest. 



..January 1.75 



..October 2.00 



..December. 4.00 



..July 14.00 



..January 10.00 



..January , 5.00 



..September 4.00 



..July 5.50 



. January 7.00 



..January 4.90 



..June 5.15 



..June 4.10 



..January 3.05 



..April 1.90 



..April 1.65 



..December 4.234 



..January 3.70 



..February 1.86J 



..December 1.284 



..June 1.24| 



..September 1.011 



..November 1.36 



June 1.24 



..January 1.15S 



.October 1.121 



.January 91$ 



July 54 



.March 1.00 



187 



Month. Lowest. 



November .05 



January .10 



January 2.00 



February 3.75 



August 4.00 



December 1.65 



June 1.50 



January 1.80 



December 4.25 



August 2.75 



January 3.40 



September 3.00 



December 1.00 



December 45 



January 90 



January 1.48J 



June 1.53J 



September 784 



June 634 



April 708 



July 724 



July 49i 



January 83| 



June 50J 



January 68 



August 59J 



December 904 



June 72 



Table II. gives the average market price of crude 

 petroleum, in barrels of 42 gals., for each month since 

 petroleum became a marketable commodity, also the 

 average price for each year : 



TABLE II. Monthly and Yearly Average Prices. 



Feb. 



March. 



April. 



May. 



June. 



July. 



August. 



Sept. 



Nov. 



Dec. 



Yearly. 



UM.. 



1101.. 



1861.. 

 1862... 

 1M3... 



1865... 

 18fl6... 

 18S7... 

 MM... 

 1899... 

 1870... 

 1871... 

 1872... 

 1873... 

 1874... 

 1875... 

 1878... 

 1877... 

 1878... 

 18T9... 

 1880... 

 1881... 

 Its-.. 

 1883... 

 1884... 

 1885... 



. 

 1887.. 



urn.. 



Wettt Drilling. Owing to various causes the num- 1 discovery of a new field or pool has always stimulated 

 ber of wells in process of drilling has varied greatly new drilling ventures, while declining production and 

 from year to year and from mouth to month. The | continued failures have at other times tended to re- 



TABLE III. Wells Drifting. 



