Long-term forecasting

Jim W. Walker, in the Amarillo (Texas) Globe Times of May 11, 1967, wrote:

A peak production of about 12 million barrels of crude oil and natural gas liquids in 1975 was forecast today at the 37th annual meeting of the Panhandle Producers and Royalty Owners Association.

The forecast was made by Kenneth E. Hill with Eastman Dillon Union Securities & Co. of New York...

...

Hill said, "With demand continuing to grow at high rates, we should reasonably expect stability in crude prices and perhaps even continued, modest improvements unless government action intervenes."