After the biggest drilling boom in the industry's history in 1937, it is not surprising that crude oil stocks showed a decrease of approximately 20 per cent in 1938. In the same year, the United States had been selling 71 per cent of the world's oil, while in 1938 the United States sales totaled only 61 per cent. In spite of this, exports in 1938 showed an increase of more than 20,000,000 barrels over the previous year. On the other hand, imports declined about 11 per cent, with a value of $39,500,000 as compared with $44,600,000 in 1937.
Motor touring in 1938 was somewhat below the 1937 mileage which may be responsible for the filling stations reporting retail sales amounting to $2,404,000,000 in 1938, a decline of about 3 per cent from the $2,478,000,000 total in 1937. Also, Federal gasoline tax collections of $200,880,797 in 1938 had dropped 1.05 per cent from 1937 receipts.
An increased use of Diesel engine power was apparent in a total Diesel fuel consumption of 40,500,000 barrels in 1938, a gain of 8,500,000 barrels over the preceding year.
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