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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: Q35: Hydrocarbon Resources, Q21: Renewable Resources and Conservation: Demand and Supply; Prices, Q41: Energy: Demand and Supply; Prices, Q31: Nonrenewable Resources and Conservation: Demand and Supply; Prices, L71: Mining, Extraction, and Refining: Hydrocarbon Fuels, Q42: Alternative Energy Sources, Q24: Renewable Resources and Conservation: Land, D24: Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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.