The preliminary estimates tell us that proved reserves of oil, as of the first of 1947, range from about 21,200,000 to 21,900,000 barrels, depending on your choice of estimator. There is more petroleum in sight, to meet the demands of future years, than there was a year ago. Nevertheless, there are some districts where proved reserves declined, suggesting that these districts must, before long, borrow from more favored areas or otherwise supplement their declining supply.
Does this increase in reserves mean that geologists, during 1946, demonstrated ability to find new fields faster than they are needed to meet the growing...
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