Abstract
M. King Hubbert's 1962 projections of US crude oil production outside Alaska are updated and the historical relationship between the number of rotary drilling rigs in operation in the USA and the real (hours per barrel) price of domestic crude oil is examined. The direct cost to consumers of a $5/bbl fee on imported oil is estimated to be about $30 billion per year or more than $1 623 000 per job that is likely to be created in the oil and gas industry.
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