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Introduction In Oct., 1954, the authors prepared a study of future energy requirements of the world. These requirements were balanced against reserves of conventional fuels. To fill the gap left by future deficiencies of oil and coal, it was shown that atomic energy could play a vital role. We have now had the opportunity to examine the papers presented at the United Nations Conference on the Peaceful Uses of Atomic Energy. We now can present a better assessment of when and how atomic energy is likely to be used to help satisfy the world's seemingly insatiable thirst for power. In this paper we will point out some interesting highlights in nuclear development, some problems to be overcome in commercial utilization, and estimates of the future relationships between conventional and nuclear power. Military Leadership In the past, the first change in energy relationships has almost invariably appeared in military operations, and in that respect today is no different from the past. With the advent of atomic energy, the traditional pattern is repeating itself. Military impetus has sparked preliminary development and economic necessity for the development of new sources of energy. This is clearly visible to students of the energy producing industries. Scientists assure us that the world's crust will yield almost limitless reserves of atomic fuels and that they are well on the way to devising dependable means for commercial utilization of atomic energy. In discussing atomic energy, oil men must not view the future with the trepidation of the buggy whip manufacturer who saw the automobile as the ruination of his business. At a time when the demand for energy in the world is following such a sharply ascending curve - with ample room for all known forms - we should welcome the contribution of the atom to the over-all energy supply and thus to the prosperity of the world. We shall proceed, therefore, to discuss some recent developments in atomic technique and economics and also try to take a look into the future.

Introduction The petroleum industry's operations not only affect the lives of all of us here, but also play a major role in shaping the economy and influencing the political life of every nation in the world. We find ourselves today face-to-face with enormous responsibilities at home and abroad. In this paper the writers will review some of the dangers and pitfalls which the industry has overcome in the past, and, even more important, take a good look at the future - particularly the long term future of supply and demand, and the political factors which underlie them. Thirty-five years ago we were gravely concerned over our vanishing oil resources. At that time one of the pundits of the economic world recommended to his friends that they sell their oil stocks for the reason that the industry would soon have no raw material with which to work. At the same time, a Kansas professor strongly advised against "senseless joy-riding," as he considered it a waste of precious natural resource which, in his opinion, should only be sold at a very high price as, of course, a measure of conservation. However, our Kansas professor felt also that the way to keep the price high was for the states to siphon-off the profits in high taxes, and he mentioned taxes of a dollar a barrel. Our first and greatest concern then was the scarcity of the basic raw material upon which the industry lived. Eugene Stebinger, then chief geologist of the U. S. Geological Survey, had estimated the possible world reserves at under 30 billion bbl. MidContinent crude sold for over $31 bbl. Since that time we have consumed some 50 billion bbl and today our forward supply picture has never been more promising.