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Crude Oil Resource Appraisal in the United States

Abstract:
Prior to the Arab oil embargo that began in October 1973, the general feeling was that U.S. oil resources were almost limitless. Certainly there were some who were aware that the rate of crude oil produc-tion was falling and costs were increasing, but these perceptions were relegated to the background. Past experience supported the explorer's optimistic outlook concerning potential discoveries. The United States never seemed in danger of being less than the world's foremost producer of crude oil.

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Energy Specializations: Petroleum – Exploration and Production; Petroleum – Policy and Regulation

JEL Codes:
D24 - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
E60 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General

Keywords: Crude oil, Resource appraisal, US, Oil supply

DOI: 10.5547/ISSN0195-6574-EJ-Vol1-No3-3


Published in Volume 1, Number 3 of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.