ABSTRACT
All of the elements in the US energy effort are to be found in Mr. Levy's remarks to the American Petroleum Institute. Fortunately, all authoritative studies of the US energy resource position have demonstrated that our nation has the potential for large additional hydrocarbon discoveries and production, and that we also possess huge reserves of coal and oil shale. Nuclear energy based on secure uranium resources is a reality, and with further substantial research, economic improvements in presently applied processes and the development of commercial breeder reactors and of fusion techniques would appear to be an attainable goal. Prices of US oil and gas resources have reflected primarily supply and demand balances rather than expectation of shortages some years in the future. State oil prorationing for conservation purposes and/or in accordance with market demand has tended to support domestic prices.
