When the American Petroleum Institute met for a conference in March 1956, most of the participants probably expected to hear upbeat news. After all, back in the 1950s,rnthe U.S. petroleum industry was humming and vibrant. The petroleum companies were producing more U.S.-generated crude oil than ever before-in excess of 7 million barrels per day.1 The sky was the limit. Or so it appeared.
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