A temporary oversupply of crude oil in the world has resulted in a decided reduction of exploration effort in North America. The term “temporary” usually refers to a shorter period of time than we are now facing, though, and the word “oversupply” seems inappropriate, too, when the vast world demand the next decade will produce is considered. It is proposed here to at-tempt an analysis of the situation which will enable us to forecast the reaction of industry management to this problem and, more particularly, to show what part the science of geophysics will have in future oil and gas exploration on this continent.

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