48 NEW YORK STATE MUSEUM 



the producers. There is still undrilled territory within the limits 

 of the productive pools, and the gradual development of this 

 ground with the cleaning and redrilling of old wells suffice to keep 

 the production at a nearly constant level. The economy with 

 which the operations are conducted is indicated by the fact that the 

 average yield is now only one-third of a barrel a day. 



The run of oil in 1914 as reported by the pipe-line companies 

 and other shippers amounted to 933,511 barrels. This showed a 

 small increase over the total for 1913 which was 916,873 barrels, 

 and there would have been a still larger gain, doubtless, if the 

 prices had remained at the level which prevailed in the early 

 months. A decline of over $1 a barrel took place during the sum- 

 mer and served to discourage new drilling. The outlook for devel- 

 opment work in the current season is not very promising. 



The record of field work, as compiled monthly by the Oil City 

 Derrick, showed that 267 wells were drilled last year in New York 

 territory. This was only about one-half the number drilled in 1913 

 when prices for crude oil rose rapidly in the first months, the 

 actual number drilled in that year having been 512. In 1912 the 

 reports showed 246 new wells. The increment of production from 

 the new wells amounted to 446 barrels, as compared with 810 bar- 

 rels in 1913 and 278 barrels in 1912. Of the number of wells 

 completed, 17 were dry as compared with 48 in 1913 and 66 in 

 1912. 



The market prices of New York crude oil are based on the quo- 

 tations of Pennsylvania crude which are the highest in the market. 

 During the first four months of 1914 the quotations remained un- 

 changed at $2.50 a barrel, which level they had reached early in 

 1913. On this basis there was a very good profit in production 

 and the industry was very active. In May, however, the prices 

 declined abruptly to $1.90, and thereafter fell ofT gradually month 

 by month until in September they reached $1.45 at which they 

 remained to the close of the year. The causes of the rapid rise 

 and decline seem to be unexplainable from the standpoint of the 

 market situation, as there were no such variations in the prices of 

 the refined products. 



