Monday, April 22, 1974
Members of SPE, Guests:
It is an honor to speak to a group of my fellow society members. Particularly at a meeting where the theme involves a subject so vital to the welfare of this country.
My purpose today is to give you some impressions of what may be ahead, and some action required, as seen from the viewpoint of a long-time petroleum engineer recently turned Washington bureaucrat.
I am sure that every member of this audience is aware that we have crossed a divide in history and are now facing a new energy watershed - that will involve new problems and require new solutions. Instead of abundant cheap energy which contributed both to the wealth of this country and our extravagant use of such energy, we now face an era of scarce, high cost energy that will require major changes in our life styles. How we handle energy will represent some key policy decisions of this decade, affecting our foreign policy, monetary policy, foreign trade, inflation, growth and employment.