2836.     ROBERTS, G., AND SCHULTZ, P. R.  Production of Liquid Fuels From Coal and Oil Shale.  Oil Gas Jour., vol. 48, No. 19, 1949, pp. 116-125; Petroleum Technol., vol. I, No. 9, 1949, Sec. 1, pp. 24-30.

                    An economic analysis of comparative costs of liquid fuels from natural gas, oil shale, and coal based on present-day production methods.  As a basis for comparison, 5 different raw materials are investigated:  Wyoming crude oil, natural gas, oil shale, Indiana bituminous coal, and Montana subbituminous coal.  Total direct costs of liquid fuels expressed as cents per gal. of equivalent gasoline are calculated.  To the direct costs are added depreciation and tax charges, a major part of the costs of an oil operation.  The factual analysis shows that manufacturing costs in bituminous coal, with reference only to Fischer-Tropsch operation, and shale operations would be approximately 80% higher than that made from crude oil, whereas that from subbituminous coal would cost about 125% more.  Coal hydrogenation is ruled out.  Comparisons of direct cost plus 14% per yr. on the investment show $0.122 for Wyoming crude, $0.15 for natural gas, $0.225 for oil shale, $0.225 for Indiana bituminous coal, and $0.276 for Montana subbituminous coal.  It is believed that application of several process improvements now under investigation in the synthesis from coal might lower the cost to a level only $0.05-$0.06 per gal. above present costs of gasoline from petroleum, and that further research might make synthesis nearly competitive.