9 October 1947
. . . I took the position that because of the rapid depletion of American oil reserves and an equally rapidly rising curve of consumption we would have to develop resources outside the country. The greatest field of untapped oil in the world is in the Middle East. . . We should not be shipping a barrel of oil out of the United States to Europe. From 1939 to 1946 world oil reserves . . . went up about 60 percent while American discoveries added only about 6 percent to ours. Until there were indications of new fields of substantial magnitude in the Western Hemisphere, I said, pipe for the Arabian pipeline should have precendence over pipe for similar projects in this country.
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