Out of Gas?

Will the U.S. run out of oil in a few years?

Yes, said Navy Secretary Frank Knox last week before the House Naval Affairs Committee. He predicted a serious shortage of crude oil within a year. Within 14 years the U.S. will be a "have-not" nation in oil, he said, when the last drop of its oil fields is drained (if the present rate continues). Same day, Assistant Deputy Petroleum Administrator Robert E. Allen warned that the U.S. is threatened with a permanent oil shortage in two years unless "miraculously prompt" discovery of new fields offsets declining production. The U.S. must bring in 20,000 new wells a year, said he, to maintain present production.

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