Crisis in Crude Oil?

RECENT announcement of further restrictions on gasoline consumption in the Mid-West and Southwest has focused public attention on current discussions of an oil scarcity. Conflicting arguments are advanced on the one hand that we have plenty of oil and will not need to restrict consumption as soon as transportation facilities are adequate, and on the other hand that a great impending shortage will require most drastic reductions in civilian consumption in order to provide adequate supplies for military purposes. Data can be presented to support both views, the result being that the public is confused and uncertain of where the truth lies. For a nation with about half of the known crude-oil reserves of the world and two thirds of the total production it seems almost incredible to the layman that any shortage can exist. Those familiar with estimates of future demand. however. show increasing concern regarding our ability to meet military demands without further restrictions in civilian use or wasteful production from our remaining reserves. Only by considering such facts as are available and can be made public can a true appraisal be made of whether or not we are faced with a shortage that will amount to a crisis in crude oil.