Not since October 1930 when a drill crew sprinted from under the first gusher in the East Texas field have U. S. oil companies discovered a petroleum pool of any magnitude. Some have talked of a petroleum famine as early as 1950. Last week in its monthly market letter Good-body & Co., Manhattan brokers, reported known recoverable oil reserves in the U. S. at 12,000,000,000 bbl., enough for only 13 years at the 1934 withdrawal rate. According to Goodbody & Co., whose cable address is "Accurate," the annual rate of discovery between 1931 and...
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