Business: Reserves & Shortage

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...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!