Some Great Commodities

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50 3. 50 2. 00 The depression of prices in the second half of 1914 and through 1915, shown in the table, was a reflection of the great overproduction brought about by the development of the Gushing pool. With the abrupt decline in the out- put of the Gushing pool toward the end of 1915 and the increased demand which followed, the price rose until in 1920 it reached $6. 10 a barrel for Pennsylvania crude and i2 4 SOME GREAT COMMODITIES $3. 50 for Kansas-Oklahoma crude. The posted prices slumped ...in 1921 but in the latter part of October and the first part of November were advanced to $4. 00 for Penn- sylvania and $2. 00 for Kansas-Oklahoma crude in spite of ever-accumulating stocks.
Oil is carried from the producers' field tanks to the re- fineries or to storage tanks by pipe lines, a relatively small amount being transported in tank cars. As the refineries are located in places convenient to the markets for their products the pipe lines are often hundreds of miles in length. In fact, the pipe-line system, including trunk lines and branches, forms a vast invisible network extending thousands of miles.


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