Outlook For Oil: The Problems And The Promise

Good afternoon, gentlemen….. I am honored by your invitation to address this distinguished meeting, especially since it gives me an excuse to visit this great producing region once again. San Francisco and Los Angeles and Chicago and New York are wonderful cities and excellent places to conduct business. But to see the oil business in true perspective you have to return to the San Joaquin Valley or the Permian Basin, or one or the other places where the blood and bone or the industry is formed. Sometimes I think oil men are like the legendary Greek wrestler, Anteus. He was unbeatable as long as he stayed in contact with the earth—-in other words, as long as he kept his feet on the ground. It wasn't until he allowed himself to be lifted into the air that his opponent, Hercules, was able to do him in. In the same way, the oil fields—-where the real work or finding and producing oil is done—-are the industry's source or strength. Only by understanding what happens here can the oil business keep its feet on the ground, and be ready for all challenges.