Review Of The Mineral-Fuel Industries

Stimulated by 4 years of continuous economic growth without inflation, demand for energy in the United States reached an alltime high in 1964. Total value of production of goods and services (gross national product--GNP) for the year was $629 billion, an increase of 6.8 percent from 1963. Allowing for price changes based on 1958 dollars, the gain in real terms was 5 percent. In 1964 the Federal Reserve Board Index of Industrial Production stood at 132, a rise of 6.2 percent. With the impetus provided by personal income and corporate tax reductions during the year, aggregate wages, profits, and consumption reached record levels. Even the persistent balance of payments problem improved. Against this background the national consumption of commercial energy increased 4.2 percent. Energy needs continued to be met largely from domestic resources with imports, mainly crude petroleum and refined petroleum products, accounting for but 7 percent of the total. Mineral energy resources, namely gas, coal, and petroleum, contributed 96 percent of the input of energy into the economy during the year. The remaining 4 percent came from hydropower and nuclear power.