In the United States exploration is slowly but certainly committing economic suicide. Let us look at the situation. First, despite moderate annual production in-creases and decreasing exploration activity, surplus crude oil producing capacity remains between 2.5 and 3 million barrels per day. In Canada, a similar situation exists. No relief can be expected in the foreseeable future. Consequently, the prudent oil man cannot con-skier in his planning any increase in the price of crude. Secondly, since 1941 the cost of finding oil in the United less ‘loaded.’ The fact that the reaction turned out to be so strong confirmed our belief that the topic for our conference is indeed a controversial one and that there would be many basic issues to be clarified.