The still-current problems of expensive exploration, increased imports, over-capacity in production and refining, and the continued loss of risk capital have not provided a proper return on domestic petroleum exploration investment and effort.

The meaning of economics can not be overemphasized in the every-day professional activities of the geologist. No exploration recommendation should be approved by the creative geologist without his first being fully aware of the relationship of risk to investment, thence to potential profit.

Every geologist must be thoroughly knowledgeable in the application of economics--the most essential requirement for successful exploration and profit.

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