RI 2130 Oil Shales and Their Economic Importance

The twentieth century has often been spoken of as the age of petroleum, and from many viewpoints it can be justly considered so. Certainly the petroleum industry is one of enormous importance to this country, industrially, financially, and economically. The United States, however, at present producing over 60 per cent of the world's total output of petroleum, is not producing petroleum at a sufficient rate to provide for its own domestic, consumption. For several years this country has been importing increasing quantities of crude and partly refined oils from Mexico, and has been drawing heavily on domestic stocks of petroleum. Production in the United States is increasing, but it is not increasing at the same average rate as domestic consumption, nor is it probable that in the future domestic production will increase sufficiently to satisfy the demands of domestic consumption, but on the contrary, in the opinion of those best qualified to know, the peak in the curve of domestic production of crude petroleum will be reached in a comparatively few years, whereas the consumption of petroleum and its product will increase at a continually growing rate. This country, then, must turn, and as the increasing imports from Mexico indicate, is turning to other sources than the crude petroleum, produced in this country to make up the deficit between domestic production and domestic consumption of petroleum and its products,