The Interstate Oil and Gas Compact Commission (IOGCC) recommends expanding research and development (R&D) efforts to recover domestic oil and gas resources in their report A Dependent Nation: How Federal Oil and Gas Policy is Eroding America's Economic Independence. To ensure that the underlying assumption that R&D budgets are declining is accurate, IOGCC requested that Coopers & Lybrand, L.L.P. conduct an independent evaluation of R&D funding trends. American Petroleum: A Crisis Worth Managing is the resulting report.
The report illustrates that the oil and gas industry does not place as high a value on R&D as other industries. More disturbing, however, is the trend for federal R&D, which has declined 81% since 1978. According to the report, "DOE stated that without increased funding from both public and private sectors, the U.S. could lose an important technological and competitive edge." Therefore, the report "supports the concern that funding of research and development to improve the identification and recovery of domestic oil is at risk."
For more information or copies of the report, please contact the Interstate Oil and Gas Compact Commission at (405)525-3556 or PO Box 53127; Oklahoma City, OK 73152.
Contributed by Kasey Shewey, AGI Government Affairs.
Last updated September 3, 1997