Must the United States Have A Petroleum Shortage ? An Independent Producer Claims A Free Market Will Provide Crude Oil To Meet All Demands

MANY oil producers are in disagreement with the idea held by some that an increase in the price of crude oil would be unlikely to stimulate much production and that we will be obliged to draw upon foreign sources of petroleum to supplement our domestic production as the years go by. Supporting our con trary opinion are numerous facts and figures. The most recent official estimate of the maximum efficient rate of production from the oil wells of the United States is 5,271,000 bbl per day. The Economics Advisory Committee of the Interstate Oil Compact Commission estimates, assuming certain supplies from imports and from natural gasoline and benzol, that crude oil require-