Show AMERICAS FUTURE OIL RESOURCES although it is estimated that at the present rate of production the oil fields of the united states would be exhausted in about twenty years these figures do not indicate that the count rys petroleum resources will come to an end within that period according to the national bank of commerce in new york the count rys wells are likely to show long periods of declining productivity before their final depletion and the nations huge deposits of oil shale offer enormous supplies as soon as it becomes economical to use them the bank points out in its magazine commerce monthly for february it says if an annual rate of production of barrels a figure nearly rea reached ched in 1920 and probably exceeded in 1921 were to be maintained in the united states until the wells were exhausted the known supply would run out in about 20 years thes old fields however are likely to show long periods of declining productivity before they are completely exhausted it is impossible to estimate when the united states will have used up its petroleum resources but bur a period of constantly decreasing production with occasional increases as new wells are opened up and new methods oi of recovery are instituted may be expected to begin within the next few years to meet the emergency of a declining output of petroleum the united states has in reserve hu huge hue e deposits of oil shale from which great quantities of petroleum products may be obtained when it becomes economical to produce them enormous amounts of oil shale rich in oil are found in northwestern colorado northeastern utah southwestern AVy wyoming oming and in northern nevada deposits of more limited extent and generally less rich are located in pennsylvania indiana kentucky texas wisconsin michigan west virginia and elsewhere though the oil shale industry is of long standing in other parts of the world notably scotland france and australia it has not yet passed the experimental stage in the united states the united states has long been preeminent pre eminent in the petroleum industry but it occupies the unenviable position of exhausting its resources much more rapidly than the rest of the world starting with a supply estimated at 14 billion barrels it has used up some 5 billion leaving only about 9 billion barrels or 64 per cent of its original resources still available on the other hand the world outside the united states is thought to have 56 billion barrels or over 90 per cent of its original supply of approximately 60 billion barrels As the united states regularly produces three fifths or more of the worlds annual output each year finds this country in a relatively worse position while the using up of natural resources is deplorable still the material gains ains resulting from their exploitation should not be overlooked for in a large measure the gradual exhaustion of american petroleum has been offset off set by the advances of american industries thus made possible |