New York Paper - Oil Reserves of the United States

The submission of carefully prepared estimates of the oil reserves of the United States calls for no apology or explanation. In this country, petroleum is a rapidly wasting asset and an occasional appraisal of the amount remaining in the ground is a simple business procedure to safeguard the general welfare and the prosperity of the republic. The rumored danger of failure, in the near future, of the foreign supply on which we depend in constantly increasing amounts makes the immcdiatc review of our available reserves the more imperative. The Director of the U. S. Geological Survey, in March, 1921, requested the American Association of Petroleum Geologists to cooperate in the preparation of new estimates of the oil remaining in the graund. With the members of this cooperative committee, state geologists, regional geologists, oonsulting specialists, and geologists and engineers attached to many companies worked both independently and through subcommittees. The reports for districts, counties, fields, etc., after review by local or state committees, were discussed by the joint cooperative committee in conferences that, in some instances, were attended by the original compilers of estimates for the states or smaller areas. Finally the data were reviewed and the figures revised by the joint cooperative committee, so that the totals given in Table 1 represent the opinion of the committee, which was composed of F. W. DeWolf, W. E. Wrather, Roswell H. Johnsont Wallace A. Pratt, Alexander W. McCoy, Carl H. Beal, C. T. Lupton, G. C. Matson, K. C. Heald, W. T. Thom, Jr., A. E. Fath, Kirtley F. Mather, R. C. Moore, and David White, chairman. Oil geologists and engineers understand well the speculative nature and the chances of error that must attend estimates of the petroleum in the ground when they cover not merely prospective territory, but possible territory. Neither the character nor the magnitude of the factors of uncertainty is to be disguised. Further, the inevitable differences of opinion between geologists of equal rank and experience must also bc