NATURAL GASOLINE 541
 Although utilization of natural gasoline for blending in the Rocky Mountain
district in 1932 dropped 21.7 percent from 1931 the total refinery output
of gasoline consisted of 12.4 percent natural gasoline.
 The amount of natural gasoline used for blending by refineries in California
continues to be largest of any district, both in volume blended and in percentage
of total motor-fuel output. In 1932, 14.5 percent of the total gasoline output
in California consisted of natural gasoline. The relatively high degree of
utilization of natural gasoline for blending by California refineries is
explained by the fact that a major part of the large output of natural gasoline
is manufactured by integrated companies whose refineries are an outlet for
most of the product of the natural-gasoline departments.
 Blended at plants.—The practice of some manufacturers in blending
natural gasoline with naphtha purchased from refiners to produce a finished
motor fuel has declined rapidly since 1929, when 27,569,000 gallons of natural
gasoline were blended at plants. Following this trend, purchases of naphtha
from refineries have dropped also. In 1932 only 2,043,000 gallons of natural
gasoline were used in motorfuel blends by manufacturers (a loss of 67.1 percent
from 1931).
 The practice of blending at plants is affected primarily by the price of
motor fuel in relation to that of naphtha. *Under existing market conditions,
with only a small margin between the price of naphtha and that of motor fuels,
natural-gasoline manufacturers find it unprofitable to continue blending
at plants.
 Exports and sales to jobbers.—Shipments of natural gasoline to foreign
markets dropped sharply in 1932. A major part of the exports of stabilized
natural gasoline originates at California and Gulf coast ports. An analysis
of exports of natural gasoline from California through the Panama Canal to
Atlantic foreign markets shows that shipments dropped from 95,906,000 gallons
in 1931 to 39,710,000 gallons in 1932 (58.6 percent). This decrease was partly
offset by an increase in Pacific foreign shipments, from 8,296,000 gallons
in 1931 to 15,234,000 gallons in 1932 (83.6 percent). Total exports of natural
gasoline from California in 1932 were 54,944,000 gallons (47.3 percent less
than the amount exported in 1931). The recent trend toward expansion of direct
marketing outlets was reflected in an increase of sales to jobbers in 1932
compared with 1931.
 Stocks.—On December 31, 1932, stocks of natural gasoline at plants
were the lowest in 7 years, the supply in storage being 18,840,000 gallons
(8,230,000 gallons below the stocks recorded at the beginning of the year).
However, an increase of 24,150,000 gallons in stocks at refineries during
the year more than offset the decrease at plants, and at the close of the
year total stocks were 134,256,000 gallons (an increase of 13.5 percent for
the year).
 Total stocks of natural gasoline in California December 31, 1932 were 101,378,000
gallons (75.5 percent of the total supply in storage) of which 98,742,000
gallons were stored at refineries. During the year stocks of natural gasoline
at California refineries increased 26,670,000 gallons (37.0 percent). This
large increase was partly offset by a decime of 2,520,000 gallons in refinery
stocks of natural gasoline east of California, resulting in a net increase
of 24,150,000 gallons in stocks at refineries throughout the country.