NUMBER 57 (See page 194)
TABLES OF YEARLY AVERAGE PRICES OF CRUDE AND REFINED
[All quotations up to 1899 are from the Oil City Derrick; all quotations for 1900-1903 are from the New York Commercial.]
TABLE OF YEARLY AVERAGE PRICE OF CRUDE
In the following table is presented the highest and lowest price of oil, the months in which these quotations occurred, and the general average for each year. The "average" as estimated is usually the mean price between the highest and lowest quotation of a given time. It is sufficiently accurate for general purposes of comparison. It would be an almost impossible task to determine a "true average" from the reports of the daily sales that are now on record. Previous to 1875 the quotations are given for points along Oil Creek, and they hardly represent what the producer actually realised for oil at the wells. From 1875 onward the trading in oil was placed on a more satisfactory basis by the general adoption of pipe-line certificates, and the exchange quotations show very closely the value of the oil at the wells. When the certificate was finally purchased by the refiner, it was subject to a uniform charge for pipage of the oil from the wells to the nearest shipping point.
Year Highest Month Price Lowest Month Price Average 1859 Sept. $20.00½ Dec. $20.00½ $20.00½ 1860 Jan. 20.00½ Dec. 2.00½ 9.60½ 1861 Jan. 1.75½ Dec. .10½ .52½ 1862 Dec. 2.50½ Jan. .10½ 1.05½ 1863 Dec. 4.00½ Jan. 2.00½ 3.15½ 1864 July 14.00½ Feb. 3.75½ 8.15½ 1865 Jan. 10.00½ Aug. 4.00½ 6.59½ 1866 Jan. 5.50½ Dec. 1.35½ 3.75½ 1867 Oct. 4.00½ June 1.50½ 2.40½ 1868 July 5.75½ Jan. 1.70½ 3.62½ 1869 Jan. 7.00½ Dec. 4.25½ 5.60½ 1870 Jan. 4.90½ Aug. 2.75½ 3.90½ 1871 June 5.25½ Jan. 3.25½ 4.40½ 1872 Oct. 4.55½ Dec. 2.67½ 3.75½ 1873 Jan. 2.75½ Nov. .82½ 1.80½ 1874 Feb. 2.25½ Nov. .62½ 1.15½ 1875 Feb. 1.82½ Jan. .75½ 1.24¾ 1876 Dec. 4.23¾ Jan. 1.47½ 2.57⅝ 1877 Jan. 3.69⅜ June 1.53¾ 2.39⅜ 1878 Feb. 1.87½ Sept. .78¾ 1.17⅛ 1879 Dec. 1.28¾ June .63⅛ .85⅝ 1880 June 1.24¾ April .71¼ .94⅛ 1881 Sept. 1.01¼ July .72½ .85¼ 1882 Nov. $1.37½ July $0.49¼ $0.78½ 1883 June 1.24¾ Jan. .83¼ 1.05⅞ 1884 Jan. 1.15⅝ June .83¼ 1.05⅞ 1885 Oct. 1.12⅝ Jan. .68½ .83½ 1886 Jan. .92¼ Aug. .59¾ .71⅜ 1887 Dec. .90½ July .54½ .66⅝ 1888 Mar. 1.00½ June .71⅜ .87½ 1889 Nov. 1.12½ April .72½ .94⅛ 1890 Jan. 1.07⅝ Dec. .60¾ .86⅝ 1891 Feb. .81⅜ Aug. .50½ .66⅞ 1892 Jan. .64⅛ Oct. .50½ .55½ 1893 Dec. .80½ Jan. .52⅞ .64½ 1894 Dec. .95¾ Jan. .78½ .83¾ 1895 April 2.60½ Jan. .95¼ 1.35¼ 1896 Jan. 1.50½ Dec. .90½ 1.19½ 1897 Mar. .96½ Oct. .65½ .78⅜ 1898 Dec. 1.19½ Jan. .65½ .91⅛ 1899 Dec. 1.66½ Feb. 1.13½ 1.29⅜ 1900 Mar. 1.68½ Nov. 1.07½ 1.35¼ 1901 Nov. 1.30½ June 1.05½ 1.21½ 1902 Dec. 1.44½ Mar. 1.15½ 1.23½ 1903 Dec. 1.88½ Mar. 1.50½ 1.58¾
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