Discussion of this paper is invited. Three copies of any discussion should be sent to the Society of Petroleum Engineers Office. Such discussions may be presented at the above meeting and considered for publication in on of the two SPE magazines with the paper.

Today we are living in a world where change is expected - the frequency and rapidity with which it happens has been astounding and, to some perhaps, alarming. The recent trips into space, the evolution of nuclear energy, and the application of electronics are only a few of the most recent developments which are affecting our lives. Possibly not as spectacular as these but contributing as much as these, but contributing as much to our living standards, and certainly of more significance to those assembled here today, are the changes which have been and are occurring in the petroleum industry.

Every great change has had behind it some strong motivation. The change that came after Spindletop was motivated by an availability of oil that was suited to be used as fuel. Prior to that time, only a small portion of the oil had been consumed as a fuel.

The great change in the "30's" came about as a result of a demand for conservation and the end of wasteful practices.

Today's change is the direct result of competition.

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