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Although the petroleum industry has registered some strong gains so far this year over last year, the comparison is somewhat misleading. Demand in August this year for distillate fuel was 1 9 % above demand in August 1962. This is an unusually strong gain for an off-season month such as August. But demand in the same month in 1962 was very weak. A better measure, against August 1961, shows that the increase in August 1962 was 7 . 1 % . In fact, distillate movement this August was quite normal, and represents an extension of the longer term growth trend. For all petroleum products combined there was a demand increase of 3.3% in August. This matched closely the gain of 3 . 4 % from January to August this year compared with the gain in the same period last year. Kerosine, with a gain of 10.4% in August, showed genuine strength. The demand in August for gasoline was low, being just barely ahead of the gain in August last year. The peak vacation period of June-August ended on a weak note; average gasoline demand for the three months was only 1.4% better than for the same period last year. A sharp reduction in the volume of refined product imports lowered the over-all rate of new supply in August.
There was, though, an increase in domestic production of crude oil. Compared with a year ago, the crude output was 5.7% higher in August. Texas and Louisiana shared almost equally the increment of 410 thousand barrels a day of production. For several recent months the crude oil production gain has exceeded the increase in total liquid petroleum demand. By the end of August, stocks of liquid petroleum in storage totaled 870 million barrels, 23 million more than at the same time last year. Gasoline accounted for 11 million barrels of the difference, and crude oil was responsible for another 9 million barrels. August should normally see a heavy seasonal withdrawal of gasoline from storage. But this year volume taken out was small—only a third as much as last year. Record production of gasoline in the face of sluggish demand was the reason for the lagging stock withdrawal. Sharply lower prices were shown for gasoline and light fuel oils in most of the primary markets in August. The wholesale price index for all refined products was at the lowest level in more than two years. The wholesale price index for gasoline in August was as much as 1 0 % below the level of a decade ago.
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PENNSYLVANIA INDUSTRIAL s CHEMICAL CORPORATION
BITUMINOUS COAL Production Millions of Tons 50
1963
136 STATE STREET · CLAIRTON, PENNA. Please send a copy of the Master Index. Name. Position. Company^
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Type of Business. Address
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Source: Bureau of Mines
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