This is an over-all look at our local industry, relating historical trends with current conditions and generalized forecasts of the future.

District V is no longer isolated from the rest of the United States, but is an integral part of the total international oil industry. Our competitive position in this industry is not expected to deteriorate further.

Radical changes in the make-up of our local industry will take place. Secondary recovery and well stimulation operations will become increasingly important as onshore exploration declines. Large numbers of technical people so oriented will be required.

The independent producer’s situation will not improve, and his role in the industry will diminish. All operators will need to increase efforts to cut costs and increase efficiencies. True professional management will develop.

While Administration’s new tax proposals may adversely affect profits, we can expect our favorable local market for petroleum products to stimulate and maintain a high level of operations.

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