Abstract
Although the US petroleum industry has been undergoing large‐scale realignments, the overall outlook for the surviving oil companies is much brighter now than it was in late 1981 and throughout 1982. Even so, the industry's difficulties due to the recession and the accompanying oil glut will have effects for some time to come. One of these effects is not immediately obvious. The current slump may have had serious long‐range consequences for the development of managers who will lead the petroleum companies into the next century. Indeed, the case can be made that a potentially serious problem existed before the slowdown. The present situation may merely have exacerbated it.
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