HOW ULTIMATE IS ULTIMATE RECOVERY? USES OF RESOURCE ESTIMATES
Woods, T.J.
HOW ULTIMATE IS ULTIMATE RECOVERY? USES OF RESOURCE ESTIMATES - 2 p. - Woods, T.J. .
Resumen del autor, extraído del trabajo. Resource estimates have periodically played an important role in decisions during the last century. During the 1920s, the United States was quite concerned about the long-term availability of oil. In the early 20th century, the then Director of the Bureau of Economic Resources in Texas offered to "drink all the oil found West of the Pecos", in what later became the Permian Basin. The Director of the U.S. Geological Survey concluded that U.S. oil production had peaked and would decline severely in the future. Concerns about resource depletion receded for about 40 years after the discoveries of oil in the Middle East and the continued growth in U.S. oil and gas production. In the late 1960s, however, M. King Hubberts's research on resource depletion began to receive increasing visibility. With the peaking of U.S. oil production when Hubbert predicted followed by the surge in oil prices, concerns about resource depletion became a dominant feature of industry and government strategic planning about the future role of oil and gas production. In North America, the U.S. and Canadian governments began to set in motion the machinery that would allow them to preserve a shrinking gas and oil supply for "high priority" users. Throughout the world, government and industry began to plan on oil prices approaching $100 per barrel by the 1990s. But just as rumors of Mark Twain's death were greatly exaggerated, so also were the rumors of the topping out world oil and gas production followed by a steady decline. Despite the continued growth in oil and gas production since their "maximum" of the early 1970s, the concept of ultimate resource recovery and with it declining industry yields and ever rising prices continue to play a dominant role in government/industry perceptions, planning, decisions, and investment. = WPC (16th.)
CD W938 1 0013960
HOW ULTIMATE IS ULTIMATE RECOVERY? USES OF RESOURCE ESTIMATES - 2 p. - Woods, T.J. .
Resumen del autor, extraído del trabajo. Resource estimates have periodically played an important role in decisions during the last century. During the 1920s, the United States was quite concerned about the long-term availability of oil. In the early 20th century, the then Director of the Bureau of Economic Resources in Texas offered to "drink all the oil found West of the Pecos", in what later became the Permian Basin. The Director of the U.S. Geological Survey concluded that U.S. oil production had peaked and would decline severely in the future. Concerns about resource depletion receded for about 40 years after the discoveries of oil in the Middle East and the continued growth in U.S. oil and gas production. In the late 1960s, however, M. King Hubberts's research on resource depletion began to receive increasing visibility. With the peaking of U.S. oil production when Hubbert predicted followed by the surge in oil prices, concerns about resource depletion became a dominant feature of industry and government strategic planning about the future role of oil and gas production. In North America, the U.S. and Canadian governments began to set in motion the machinery that would allow them to preserve a shrinking gas and oil supply for "high priority" users. Throughout the world, government and industry began to plan on oil prices approaching $100 per barrel by the 1990s. But just as rumors of Mark Twain's death were greatly exaggerated, so also were the rumors of the topping out world oil and gas production followed by a steady decline. Despite the continued growth in oil and gas production since their "maximum" of the early 1970s, the concept of ultimate resource recovery and with it declining industry yields and ever rising prices continue to play a dominant role in government/industry perceptions, planning, decisions, and investment. = WPC (16th.)
CD W938 1 0013960
