The economics of petroleum . derliesthree broad areas: theUnited States; theCaribbean basin, in-cluding Mexico, Cen-tral America, Colom-bia, and Venezuela;and the Caspian-Black - Sea - EasternMediterranean region,including southernRussia, south-westernSiberia, Mesopotamia,Persia, and three major oilareas have an originaloil content that forpurposes of compari- FiG. 5.—The petroleum reserve of the United States son may be regardedby fields, showing the portion used to Jan. 1, 1921; as of the same orderdata from Geological Survey. of magnitude, or roughly 10 billion bar-rels
The economics of petroleum . derliesthree broad areas: theUnited States; theCaribbean basin, in-cluding Mexico, Cen-tral America, Colom-bia, and Venezuela;and the Caspian-Black - Sea - EasternMediterranean region,including southernRussia, south-westernSiberia, Mesopotamia,Persia, and three major oilareas have an originaloil content that forpurposes of compari- FiG. 5.—The petroleum reserve of the United States son may be regardedby fields, showing the portion used to Jan. 1, 1921; as of the same orderdata from Geological Survey. of magnitude, or roughly 10 billion bar-rels each. While such figures are doubtless highly speculative,they are better than purely qualitative terms and are reasonablysatisfactory as a basis of discussion. Elsewhere in the worldthere may be an additional 10 billion barrels, thus raising theworld resource to the neighborhood of 40 billion barrels or so,of which the United States has used up approximately half of the10 billion barrels falling immediately to her CALIFORNIA OTHERS f—r 1—I O lO 20 30 40 50 60 70 80 90 100<<FIGURES REPRESENT MILLIONS OF BARRELS OIL IN FOREIGN COUNTRIES 23 The general distribution and magnitude of the principal petroleumreserves of the world have been estimated by Eugene Stebinger,of the Foreign Mineral Section of the U. S. Geological Survey, andthe results of these estimates have been published and discussedby David White.^ A map compiled by the Survey showing theseestimates in diagrammatic form is presented in Fig. 6, on which theestimated reserves are shown by circles proportional to the quan-titative importance of the various regions. The data upon whichthis map is based are shown in Table 9. Table 9.—Preliminary Estimate of the Petroleum Resources of theWorld, after Stebinger of the U. S. Geological Survey Regions RelativeMagnitude ApproximateQuantity inMillions ofBarrels United States and Alaska Canada Mexico Northern South America including Peru Southern South Ameri
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