RISE IN PRICE OF KEROSENE.

Taranaki Herald, Volume XLIV, Issue 10319, 29 May 1895, Page 2

RISE IN PRICE OF KEROSENE.

Tin: petroleum market, says the Neic YorkWorld of April 9th, took a jump which, a dozen or more years ago, would havo wrought a panic on a lulf-dozen exchanges. Field oil — that is fresh oil from the wells— went up 10 cents per barrel, and ran from 110 to 120. Oil certificates which are warehouse receipts for oil stored in great tanks of tho Pipe Line, went up iroin 115 to 130 bid without bringing out a single certificate on the New York Petroleum* Exchange. The bidder in each case was the Standard Oil Company, and something of the sort has been looked for by far-saoing observers for some time past. The simple fact is that the Pennsylvania and iulj.ieent oil fields are not yielding ! suttii'ieni crude oil to meet the demand. 'I'he consumption is about 100,000 barrels per day and the outflow from the regular held -wells is from 70,000 to 7.;,U00 ban els. This leaves a deficiency of 2J,000 b.m-eIM per daj, which isdr.vwn from the tank supply, represented by the certificates from the pipe-lino tanks. These certificates, which , were quoted as low as 60 cents a few months ago, have been hid at higher and higher rates, but are closely held by those whoknow tho plight in which the Standard Oil Company is. This great trust must have tho crude oil to work up, and, as it handles 85,000 barrels out of the daily consumption of 100,000 bairels, it is the most interested bidder and, in normal -circumstances, practically dictates the market. It controls the pipe-line business, and this gives it tho power to fix prices for field oil. Of late Lima oil, tho vileodoured stuff which comes from tho Ohio field, has gone up from 16 .to 60 cents per barrel, and is finding a market in the scarcity of Pennsylvania oil.