Our Petroleum Resources

UNDER the stimulus of war psychology the American public has grown confused and jittery in its thinking on the subject of this nation's petroleum resources. This confusion arises from the failure of the average citizen, and even of many leaders in government, in our armed forces, and in the petroleum industry itself, to distinguish between our proved reserves of petroleum in the several oil-producing states and the total petroleum re- sources available to this nation. Leaders and public alike examine the accepted estimates of our proved reserves and thoughtlessly conclude that these estimates represent the total of our petroleum resources. Our fears are aggravated if we turn to the statistics on oil-finding and observe that the discovery of new reserves has waned decidedly in recent years. This confusion is dangerous because, under its influence, ill - considered policies spring up and flourish, choking out the most valuable fruits of the long experience of the American petroleum industry.