Since 1966, funded oil and gas programs have supplied more than $1 billion of much needed capital to the oil and gas industry. Although precise figures are not available, it is safe to say that at least 25,000 wells have resulted from the activity of funded drilling programs since 1966. This is significant portion of the total of 138,666 wells drilled in that period.

This nation is in dire need of both oil and gas reserves and productive capacity. We have no way to determine how much oil and gas has been found and developed by funded programs since 1966, but even a pessimistic view of their cost for finding and development would lead to a conclusion of at least 500 million bbl of oil or gas equivalent. A continuation of this new source of capital is vital if we are to close the gap between the $100 million needed for exploration and development in the next decade and the estimated $50 billion the oil industry can generate internally.

More than 800 petroleum geologists are now employed full-time by drilling programs, either as employees or consultants. Other professionals, such as landmen, attorneys, and petroleum engineers, would add at least another 1,500 people. Adding the usual complement of staff, at least 5,000 people are employed today by the oil and gas programs.

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