OCR Text |
Show our greatest energy resource N ATURAL gas and oil in the United States have achieved a record of service that i3 outstanding in the world. Data of American Petroleum Institute shows that with only 12 of the worlds potential producing lands of the worlds this nation today produces about gas and oil. Today, these two resources supply 63.8 of the nations energy and play a basic role in its defense two-thir- ds and in maintaining its high standard of living. The development of gas and oil resources is the result of the work of thousands of companies and individuals over a period of years. Geologists, geophysicists, and other technicians throughout the nation constantly gather and study data to find new fields. In 1953, 10,675 exploratory wells were drilled at an average cost of $100,-00- 0 per well more than a billion dollars to find new supplies but 9,254 of these were dry holes, a total loss Gas must be found before it can be produced, other- wise it is a commodity like coal, oil, lumber, cotton, and wheat. If the consumer is to have an adequate supply over the years for his demands he must pay a price in the field that will justify this great search and these vast expenditures. Bureau of Labor Statistics show that between 1945 and June, 1954 the cost of food increased 65.2 ; the cost of clothing 37 ; the cost of rent 41.1 ; and the cost of all items 49.7. During this same period, however, gas increased only 12. this record the regulation of the price of gas in the field by the Federal Power Commission is not in the interest of the consumer but will inevitably impair the capacity of the industry to find and produce the supplies necessary to meet the consumers demands. On EL PASO NATURAL 6AS COMPANY teiaa |