the home supply with a net importation of 31,000,000 barrels, chiefly from Mexico. The year 1918 was a war year but in 1919, despite peace, production in the United States rose to 377,000,000 barrels. Thus an ever-increasing demand--especially for gasoline--is producing a pressure on crude supplies greater than in war time. It does not follow that all the estimated available crude reserves in American territory can be reached in even the near future. American oil wells will undoubtedly be producing at least seventy-five years hence, for the very good reason that all the hidden pools cannot be discovered forthwith or immediately made productive, even when located. But the condition the American nation must face in connection with its own wells is the probability of a gradual decline after the peak of production has been reached, an event that may transpire this year or next, or may be delayed for a decade. Mr. White’s paper, which had the effect of enlightening many as to the changing phases of the oil industry, also emphasized the possibilities of the development of shale oil, a potential resource which might prove a suitable substitute. But since this product is still in the experimental stage, and since it has never been claimed for it that it could develop the manifold richness and varied utility of crude petroleum, it is not necessary to discuss its possibilities in a book devoted to the latter product. Whatever the future of shale oil, it cannot alter the plain circumstance that if it is to be maintained at its present level for any extended period, the American oil industry must look for reserves abroad. A glance at the world’s production for the year 1917 proves that the United States has more at stake in this matter than all the other nations combined. The production was distributed as follows: United States 66.2 per cent. Russia 13.6 ” ” Mexico 10.9 ” ” Dutch East Indies 2.6 ” ” Other countries 6.7 ” ” Since then the proportion has been altered, Russia dropping to third place and Mexico rising to second, the relation of the United States to total production remaining probably unchanged. The predominating importance of the petroleum industry to the American people was indicated in a speech delivered by Sir Auckland Geddes, British Ambassador to the United States, at New York in May of the present year (1920) when he said that this country controlled 82 per cent of the present visible world supply. This estimate of course embraces not only domestic fields but foreign fields developed by American private enterprise. It demonstrated completely the claim of the United States to leadership in dealing with so vital an international question as the world’s petroleum supply--not only as the chief consumers but to all intents and purposes, the founders of the industry.