Introduction - The Mission

The United States is rapidly depleting many of its most important minerals and fuels. The first two Annual Reports by the Secretary of the Interior, under the Mining and Minerals Policy Act of 1970, made us acutely aware that the natural resources that enabled this Nation to attain an unprecedented growth in terms of economic well-being, and to set an example of independent strength through the democratic process, are finite. Once they are depleted, large imports will be required. Simultaneously, competition for available supplies, especially of petroleum, is increasing in the expanding European and Japanese industrial communities and in the underdeveloped nations of the world. Even before the crisis of late 1973, the oil-producing nations of the world, principally in the Middle East, but including Canada and Latin America, were recognizing that the worldwide need for crude oil, petroleum products, and natural gas could be translated into an unprecedented economic bargaining position. Thus, the members of the Organization of Petroleum Exporting Countries (OPEC) raised the price of their crude twice during the first 6 months of 1973. By yearend the energy situation had be-come acute, and it seemed probable that regardless of current political developments, the era of cheap energy was over.