Petroleum in perspective

Journal Article · Fri Jan 01 04:00:00 EST 1971 · Nat. Resour. J.; (United States)

OSTI ID:5824583

Johnson, H R

The environment that surrounds the petroleum industry is a complex mixture of economics, technology, and public policy. In the 1950's, the historical relationships between these factors were upset by the widespread application of technology. Because of technology, it became profitable for individual firms to make significant operating changes, which are reflected in a sharply falling balance between domestic supply and demand. The analysis indicates that a new supply-demand maintenance level will be reached within the next few years. Efforts to maintain this level will be reflected by upswings in exploratory drilling, increased application of secondary recovery technology, and initial attempts to extract liquids from supplemental sources as coal, oil shale, and tar sands. All foreseeable needs for petroleum will be satisfied, but short-run pressure may be created for a higher real price of oil and/or increased imports. Agitation is high to reform public policies that control a substantial portion of petroleum activity. But policy reform cannot be effective if it is a haphazard, uncoordinated activity. Instead, it must proceed simultaneously along several fronts. Failure to do so may lead to a dangerous over-correction of the future balance between supply and demand. (27 refs.)

• Research Organization: US Bureau Mines
• OSTI ID: 5824583
• Journal Information: Nat. Resour. J.; (United States), Journal Name: Nat. Resour. J.; (United States) Vol. 11:1; ISSN NRJOA
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
Industrial
& Business Aspects
BITUMINOUS MATERIALS
CARBONACEOUS MATERIALS
COAL LIQUEFACTION
DEMAND
DOCUMENT TYPES
DRILLING
ECONOMICS
ENERGY DEMAND
ENERGY POLICY
ENERGY SOURCES
ENERGY SUPPLIES
ENHANCED RECOVERY
EXPLORATION
FOSSIL FUELS
FUELS
GOVERNMENT POLICIES
INDUSTRY
LIQUEFACTION
MARKET
MATERIALS
OIL SANDS
OIL SHALES
PETROLEUM
PETROLEUM INDUSTRY
RECOVERY
REVIEWS
THERMOCHEMICAL PROCESSES