The performance of the petroleum industry during the post-Pearl Harbor decade was outstanding. Lessons of importance regarding the art of discovery and the future of discovery were taught. The more important are reviewed. Analysis of the results indicates that the nation is not running out of resources and the industry is not running out of resourcefulness. The industry, therefore, faces the future with confidence in its ability to find adequate supplies of hydrocarbons. The author is confident that the industry will find such supplies if it recognizes and successfully copes with certain adverse forces. These are discussed in some detail.

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