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Population increase and an acceleration in per capita demand for energy will produce a total demand for energy in the year 2059 of 40 to 50 times that of 1959. Thus, demand for energy will a little more than double every 20 years. Much of this energy in 2059 will be
coming from the same sources it is coming from today.
Shortly after the turn of the 21st Century, various presently undeveloped sources of energy will have begun to supply an increasing portion of total energy demand, which will, by then, be seven or more times that of today. These new sources of energy will be both organic and inorganic. The first will include shale oil and coal-derived petroleum. The inorganic will include nuclear, solar, geothermal, tidal, and other sources of energy. These new sources will supply perhaps over half of world energy demands by the year 2059.
Eventually the petroleum industry will become, in large degree, a chemical industry. It will provide the raw materials and fashion the building blocks for hundreds of products useful to man. The petroleum industry will need to accelerate its research to keep abreast of intra- and inter-industry competition. In few other industries are the rewards to be anticipated as great as they are in that of petroleum.
Industry will, as in the past, have to meet many difficult problems. One of the most difficult for management in the future will be to find the cash requirements. In this respect the problems of the present are modest indeed. Availability of capital will depend, more than ever, on a satisfactory return on investment.
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