Petroleum Reserves Continue to Decline as Peacetime Use Exceeds Predictions - Five Measures Suggested to Bolster Oil Reserves and End Wasteful Extraction

LOOKING back over the industrial and commercial progress of the United States during the last half century the outstanding influence has been the growth of the use of the fluid fuels, petroleum and natural gas. At the turn of the century these fuels supplied only 8 per cent of the energy requirements of the nation. Last year nearly 45 per cent of our heat and power supply were derived from these fuels. These figures are merely statistical reflections of the fundamental change in our national economy which has affected, in so many amazing ways, the life of this generation. The factors which have caused this change are still operative. The trend which has thus been established still continues and growth in the use of these fuels is, in all probability, still well below the peak, both for this country and for other parts of the world. Two great wars have not essentially changed this basic trend; if anything they have served to accelerate it. World War II did not alone increase our requirements for liquid fuels; it demonstrated the absolute essentially of petroleum resources to our national security. Petroleum is no longer just an important factor in our national standard of living; it is the most important single element in our national defence-