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<br />-4- <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Petrochemicals will not be important during the first <br />15 or 20 years of the industry. Retort and refinery <br />gases will be consumed by the industry for fuel and power <br />generation. After 1970 the manufacture of explosives, <br />sulfuric acid, cement and other materials consumed by the <br />industry and its community will begin. <br />Investment <br />The investment in mines, retorting plants, refineries <br />and pipelines through 1975 will exceed $6 billion. This <br />magnitude of investment is well within the capabilities of <br />the petroleum industry. An additional investment of un- <br />determined magnitude will be made in housing, service <br />facilities and other improvements, These expenditures may <br />exceed that for production facilities. <br />Current Status of U. S, Oil Shale <br />During the past 15 years, government and industry have <br />spent perhaps $50 million on research, land acquisition and <br />other activities preparatory to starting a shale industry. <br />Efficient, economic processes now are available for each <br />phase in the production and refining of shale oil. Shale <br />products can be manufactured which are equivalent in every <br />way to those from petroleum. <br />Presently, shale oil awaits a market. Both U. S. and <br />foreign petroleum producing areas have excess capacity. <br />This oil can be obtained at little or no additional invest- <br />ment. Shale oil, technologically and economically, is ready <br />for development when domestic fields are being produced at <br />maximum practical rates and there is protection from competi- <br />tion by imported oil. <br />