The paper “International Oil…Looking Ahead” by E. R. Peterson, published in the June 1956 issue of The Analysts Journal attempts to discuss the pattern of international oil movements from the pre-World War II era to the present. It analyzes the Free World’s energy requirements, the total energy demand in the United States, and the forecasts of oil reserves from which the demands for oil will be met.
It also present various charts indicating the degree of the challenge for petroleum exploration in the United States, the petroleum requirements outlook in the next 10 years, the estimates of foreign crude oil production by United States-owned companies in the next decade, and the relative growth of United States and Free Foreign production.
There are various factors that affect the movement of international oil and the markets for petroleum products in the United States. These include the increase in demand for foreign oil, the presence of atomic power as a potential competitor, the problem of blocked currencies, and the relationships of the United States with oil producing countries.
The primary problem facing the petroleum industry will be to expand sufficiently its resources in order to address the increasing demand for petroleum. It is important for the United States government to keep its relationships with other oil producing countries in order to engage in petroleum exploration that will address the petroleum shortage and to change its perception regarding the use of atomic energy in order to fulfill the world’s energy requirements of the future.