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Rh course no producing company would now contract to ship around the world. When peace relieves the shipping situation, the development in oil shipping and in fuel oil ships will be tremendous.

The Pan-American Company now has twelve steamers working for the Mexican Petroleum Company, and nine more are due this year. Six should be delivered this summer and ten thousand tons a month should be steadily added to the company's shipping facilities. Three ships aggregating thirty-two thousand tons are due next year.

The Union Oil Company has seven steamers taking Mexican Petroleum Company oil through the Panama Canal to South America, and the Standard Oil Company of New Jersey has five ships taking its oil north.

In 1916 the Mexican Petroleum Company produced 12,400,000 barrels of oil and sold 10,600,000 for $8,825,000, or a little above eighty-three cents per barrel. The cost, including bond interest, taxes, and depreciation, was twenty-five cents per barrel. The production for 1917 should equal fifty thousand barrels a