Free World Energy Resources - Petroleum, Coal, Nuclear

A centennial meeting should be a time to take stock, to evaluate performance, to plan ahead. It is like a line in a televised commercial that goes, "You've come a long way to get where you've got to today." And no less should be said of the mining and energy industries. We have come a long way. A hundred years ago when AIME was founded, this country produced 23 million tons of bituminous coal and 5.2 million bbl of oil. The figures in 1970 were about 580 million tons of coal and 4.1 billion bbl of oil. In spite of such accomplishments, serious and compelling voices are heard in the land - doubting sincerity, questioning corporate structures, and challenging ethics. Those doubts are raised in one part of Washington at the same time that other sections of the Capitol are asking us to produce more energy in order to keep up with population growth, emerging nations, and new technologies. Those of us in the fuel or energy business frequently talk about the race for energy. The question is, can we develop enough energy fast enough to outdistance our present and increasing demands? Recently I heard of an incident that - in an odd way - caused me to think of the energy race. The incident involved a sky-diver who jumped from an airplane without a parachute. He was handed a chute in mid-air by a sky-diving companion. He put it on, opened it, and landed safely. In a way, it seems to me that our society is hurtling through space and that it needs some help from the energy industries to land safely. We're doing our best, but under some rather difficult conditions. Because of illegal strikes and work stoppages the coal parachute is snarled a bit. The cut in percentage depletion and other tax changes have put some holes in the oil parachute. And the gas ´'chute has been in trouble for some time because of unrealistic controls on producer prices. The irony of the situation is that some of the very people who have been taking potshots at the energy parachutes for a long time are the ones who are complaining loudest now because the 'chutes are not functioning the way they could. The safety of the entire nation can depend on the energy industries.