Word: levorsen
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Oldtime oil geologist Arville Irving Levorsen said the U.S. had a 20 billion barrel oil reserve-enough to last 14 years at the current consumption rate. But even in an extreme emergency the U.S. could not get more than one-fifth this oil in the next few years. (The U.S. consumed over 1.2 billion barrels of oil for 1939's peaceable purposes.) Four other oilmen backed him up, declared a 25 to 50? a barrel rise over the present average $1.15 level would be necessary to revive wildcatting...
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