RI 4776 The Oil-Shale Industries Of Europe

As the American petroleum industry surveyed its position in early 1937, it had many reasons to be optimistic concerning its future. The industry had emerged successfully from the depression, and for the first time since 1929 it had produced over one billion barrels of crude oil in a single year. The demand for gasoline and fuel oils was up, and reserves of crude petroleum and production capacity seemed adequate for the future. Although production of crude oil dropped slightly in 1938, the oil industry was still in a good position with respect to its supply of raw material, which improved economically in 1939 with the decrease of crude-oil stocks in storage above ground. However, by 1940 a threatening cloud (the invasion of France and its rapid surrender) had appeared on the horizon. This aroused Somme fears as to the industry's immediate future, and these fears were intensified the following year when the United States entered World War II. As the war progressed, more and more ships, planes, and vehicles were produced, and the problem of obtaining enough liquid fuels to supply them intensified. Hearings were held in August 1943 before a subcommittee of the Committee on Public Lands and Surveys of the 78th Congress to determine the advisability of passing legislation to promote the development of synthetic liquid fuels.