File 2249/1915 Pt 4 ‘Oil: Mesopotamia & Persia. (General File) 1920–24’ [‎61r] (121/484)

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in this discussion/ I think it desirable that they
should ::e nlaced in the nroper nerspective* It is
stated m Mr. Colby ! s note ”
that the United States nossesses only one-twelfth
approximately of the world*s petroleum resources,but
I may be permitted to point out that in 1919 the
Chief Geologist of the United States Geological
Survey stated that "the criteria on which such
estimates can be based vary in every degree of
inadequacy in the different regions”, and he was
then referring to estimates dealing with the
United States only, end was not taking into account
the infinitely more problematical resources of
countries still partially or wholly unexplored
from a geological standpoint*
21. My object in referring to this aspect of
the question in a previous note was to show that
the United States controls a home production of
petroleum which ^whether it is about to reach its
maximum point or not^is actually and potentially
vast, while in neighbouring countries it possesses
a predominant interest in oil-bearing regions of
exceptional promise. The United States Government
will doubtless agree that this statement of the
existing siti^atio^ admits of no dispute.
22. I f. r-n r ^ pgi-pr^h i-^i that the ,
- economic dif f erences /wi-th ref orono o-tro which/Mr.
■ X •>*
CoIby^suggests ttet the mandate principle was
especially designs^ will be satisfactorily {|
^if the United States insists^ i«^«garri
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2a commodity in which it already enjoys a undqucy end
' c-ontxoiling position^ on/extending its cent
- - -v. - ^
' , the resources of mandated territories,, regard
(. . A ’ W n ACf
uXlTk- H Jks ^ negotiations for their development.
23. H.M.G. ai’e nevertheless, glad to find
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2 ^ J( h .w themselves in general agreement with the contention;
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of the United States Government that the world*s
oil