TITLE

OIL

AUTHOR(S)
Brokaw, Albert D.
PUB. DATE
October 1927
SOURCE
Foreign Affairs;Oct27, Vol. 6 Issue 1, p89
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
This article explains that in 1902, leadership in petroleum production was regained by the United States against Russia. The combination of rich deposits of high-grade petroleum in a well-populated progressive country of fairly high average wealth is found nowhere else in the world. All of the other major centers of large scale oil production are in more backward, less industrialized countries where important production must depend on exports. The world's production of crude petroleum in 1900 was less than 150 million barrels; preliminary figures for 1926 are 1,100,000,000 barrels. In 1990, the U.S. produced 43 percent of the total, in 1926 it was 70 percent. Productivity growth has been due to the increase of domestic consumption.
ACCESSION #
14946075

 

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