As bankers to the world petroleum industry. Chase naturally has an interest in the outlook for oil and natural gas. What will be the demand for oil? How will it be met, and at what price? And, of course, what will be the future financing needs of the industry?

The report that I am presenting to you today is by no means the last word on this subject. It represents just one view of the future, but one that is built around clearly defined assumptions. As we make further progress in modelling the financial side of the industry, we will be able to test other views of the future, which we will present in future reports.

Any attempt to assess the future financing needs of the petroleum industry must be set in a specific framework reflecting future economic growth, future energy needs and the outlook for oil supply and demand in particular. These factors are all linked, although the linkage is flexible, not fixed. For example, it changes with changes in relative prices, among other things.

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