The History of the Standard Oil Company/Volume 2/Appendix/Number 57
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
TABLE OF YEARLY AND MONTHLY AVERAGE PRICE OF REFINED
In the following table is given the average monthly and yearly prices of refined oil per gallon, in barrels, in New York, from January, 1863, to December, 1903. During the years when a tax was levied on this article of domestic production the quotations do not include the tax:
1863 1864 1865 1866 1867 1868 1869 1870 1871 1872 Jan .40 .46⅝ .70 .57⅞ .31 .24¾ .34⅛ .31⅜ .24⅝ .22⅝ Feb .38¼ .47⅛ .67¼ .48⅝ .28¼ .25 .36⅜ .29⅞ .25⅛ .21¾ March .34¾ .49⅛ .58¾ .41⅞ .27½ .25¾ .32⅛ .27 .24⅛ .22⅝ April .33¼ .54⅛ .52⅞ .40⅛ .27 .26¼ .32¼ .26½ .23¼ .21¾ May .39½ .59½ .51⅛ .43 .26¾ .29⅝ .31½ .27½ .24⅝ .23⅜ June .44½ .72 .51½ .41⅞ .24¾ .31⅜ .31 .27 .25¾ .23 July .49 .86⅛ .52⅛ .39½ .30⅞ .34¼ .32¼ .26 .25¾ .22⅜ Aug .53½ .84⅞ .52 .44⅜ .29¼ .33 .32½ .25 .24⅜ .22⅜ Sept .58 .75 .58¼ .44⅝ .31¾ .31 .32¼ .26⅛ .24⅛ .24⅛ Oct .52½ .63¾ .61¾ .40⅝ .34½ .30 .32⅞ .24⅝ .23¾ .26 Nov .41½ .70 .62⅝ .35¾ .27½ .30⅞ .34 .23 .22⅜ .27 Dec .46½ .72¾ .65¼ .31¼ .24¾ .32¼ .31⅛ .23 .23 .26 Yearly average .44¾ .64¾ .58¾ .42½ .28⅜ .29⅛ .32¾ .26⅜ .24¼ .23⅝
1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 Jan .22⅛ .13½ .12⅜ .14⅛ .24 .12⅛ 9 7⅞ 9¼ 7 Feb .19⅝ .15 .14 .14¼ .18⅝ .12¼ 9⅜ 7⅞ 9¼ 7⅜ March .19 .14⅞ .15 .14½ .16 .11⅝ 9¼ 7¾ 8½ 7⅜ April .20 .15⅝ .13⅞ .14 .15¾ .11⅜ 9⅛ 7⅝ 7¾ 7⅜ May .19¾ .13⅞ .12¾ .14⅛ .14½ .11¼ 8½ 7⅝ 8 7½ June .19 .12⅞ .12⅝ .14¾ .13¾ .11¼ 7½ 9⅝ 8⅛ 7 July .18⅛ .12⅛ .11½ .16⅞ .13⅜ .10¾ 6¾ 9⅞ 7⅞ 6¾ Aug .16½ .11¾ .11¼ .19⅞ .13⅝ .10⅞ 6⅝ 9 7¾ 6⅞ Sept .16½ .12⅛ .12¾ .26 .14½ .10¼ 6⅞ 10⅝ 8 7½ Oct .16¼ .11⅞ .14⅛ .26 .14⅝ 9⅝ 7½ 12 7¾ 8 Nov .14⅛ .10¾ .13 .26¼ .13¼ 9⅛ 8 10½ 7½ 8¼ Dec .13½ .11¼ .12¾ .29⅜ .13⅛ 8⅝ 8⅝ 9½ 7⅛ 7⅝ Yearly average .18¼ .13 .13 .19⅛ .15¾ .10¾ 8⅛ 9⅛ 8 7⅜
1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 Jan 7¾ 9⅜ 7¾ 7¾ 6¾ 7¾ 7 7½ 7.42 6.45 Feb 7⅞ 9⅛ 7¾ 7⅝ 6⅝ 7¾ 7⅛ 7½ 7.48 6.42 March 8 8½ 8 7⅜ 6⅝ 7¾ 7 7¼ 7.31 6.32 April 8¼ 8⅝ 7⅞ 7⅜ 6⅝ 7⅜ 6⅞ 7⅛ 7.18 6.10 May 7⅞ 8½ 7¾ 7¼ 6¾ 7½ 6⅞ 7¼ 7.20 6.06 June 8 8⅛ 8 7⅛ 6⅝ 7⅛ 6⅞ 7⅛ 7.13 6.00 July 7⅝ 7⅞ 8¼ 7 6½ 7¼ 7¼ 7⅛ 7.02 6.00 Aug 7⅞ 8 8⅜ 6¾ 6½ 7⅝ 7¼ 7¼ 6.70 6.08 Sept 8⅛ 7⅞ 8⅜ 6⅝ 6¾ 7¾ 7⅛ 7⅜ 6.42 6.10 Oct 8⅜ 7⅞ 8½ 6¾ 6¾ 7⅝ 7⅛ 7½ 6.45 6.03 Nov 8¾ 7⅞ 8½ 6⅞ 7 7¼ 7½ 7½ 6.40 5.80 Dec 9⅛ 7¾ 8 6⅞ 7¼ 7¼ 7½ 7¼ 6.44 5.45 Yearly average 8⅛ 8¼ 8⅛ 7⅛ 6¾ 7½ 7⅛ 7⅜ 6.93 6.07
1893 1894 1895 1896 1897 1898 1899 1900 1901 1902 1903 Jan 5.33 5.15 5.87 7.85 6.13 5.40 7.43 9.90 7.58 7.20 8.27 Feb 5.30 5.15 6.00 7.35 6.26 5.48 7.40 9.90 7.81 7.20 8.20 March 5.34 5.15 6.75 7.40 6.36 5.82 7.33 9.90 8.00 7.20 8.21 April 5.52 5.15 9.12 7.00 6.13 5.67 7.05 9.51 7.68 7.30 8.35 May 5.20 5.15 8.20 6.75 6.23 6.00 7.01 8.98 7.04 7.40 8.47 June 5.21 5.15 7.83 6.85 6.14 6.16 7.20 7.88 6.90 7.40 8.55 July 5.15 5.15 7.65 6.55 5.87 6.27 7.61 7.90 7.15 7.40 8.55 Aug 5.18 5.15 7.10 6.65 5.75 6.44 7.82 8.05 7.50 7.21 8.55 Sept 5.15 5.15 7.10 6.85 5.74 6.60 8.63 7.98 7.50 7.20 8.55 Oct 5.15 5.15 7.10 6.90 5.55 7.21 9.00 7.48 7.65 7.26 9.01 Nov 5.15 5.15 7.88 7.15 5.40 7.35 9.40 7.33 7.65 7.71 9.36 Dec 5.15 5.61 7.77 6.35 5.40 7.40 9.85 7.28 7.43 8.12 9.45 Yearly average 5.24 5.19 7.36 6.98 5.91 6.32 7.98 8.50 7.49 7.38 8.62
Note.—In the above tables the quotations down to 1890, inclusive, are noted in cents and fractional parts of a cent; from 1891 to 1903 the prices are given in cents and decimal parts of a cent, i.e., 7.42 signifies seven and forty-two hundredths cents, and 9⅜ means nine and three eighths cents per gallon. The above are New York quotations in barrels; bulk oil is generally 2.50c. below these prices. Philadelphia and Baltimore quotations are five points below New York; for instance, if New York price was 5.75c., the Philadelphia and Baltimore price would be 5.70 c.