About

From 1859 to 1971, the U.S. oil industry grew virtually continuously, in the process serving mightily to drive our economy and win our wars. But that growth was stopped dead in 1971 and sent into decline thereafter, as the advent of the EPA and the accompanying National Environmental Policy Act made it increasingly difficult to drill.

You see this in the oil industry time and time again. Fears that we've found the last oil, that we're going to run out, pop up constantly. And soon afterward, because the price goes up, huge new reservoirs are discovered. You see this in the oil industry time and time again. Fears that we've found the last oil, that we're going to run out, pop up constantly.