America's future industrial growth will depend on our energy growth, and energy growth depends on the choices we make today. In the petroleum exploration industry our choices are based as much on energy and economic analyses and forecasts as they are on geologic factors. The theme of this convention, "Energy, Economics, Exploration--in Transition," is most timely, for these elements are truly in transition now more than ever before in the petroleum industry's history.

Of critical importance is the role of energy in the reindustrialization of America. Energy supply, in whatever form of fossil fuel or alternate

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source, will determine the success of America's industrial progress in the global community. Without a sound energy base, new industries cannot be started. Without the assurance of adequate energy supplies, existing industries cannot grow or even maintain production on a modest scale. We must therefore carefully examine our energy needs, our energy supplies, and our energy alternatives. We must continually reassess our economic and geologic models to formulate our future petroleum exploration programs to meet our goals. The challenges of America's future economic and industrial growth will be met only if we in the energy-related professions and industries diligently work toward a successful transition in energy, economics, and exploration.

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