Domestic crude oil resource appraisal

Abstract This paper endeavours to estimate the cummulative level of discovery and production of crude oil in the United States where the importance of price and technological change is considered. Two separate functional specifications for the cumulative level are hypothesized and estimated. The results suggest that between 170 and 180 billion barrels will be ultimately recoverable of which 117 billion barrels have been produced through the end of 1989.