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assets assumptions Average British Petroleum Company capital expenditures Capital Investment cents per barrel Chase Manhattan Bank Commerce concerned with covering consuming countries continue exploring cost of drilling crude oil postings crude oil prices Crude Oil Production crude prices deplete down-stream investment drilling dry holes earnings Excludes Soviet Bloc Expenditures in Production exploration elsewhere exploratory fact finance exploration free pricing mechanism Hemis Hemisphere production high returns high-cost invested in production lease-concession acquisitions major companies major oil companies Member Governments oil industry OPEC OPEC's Resolution Overall return panies past thirteen Percent Middle East Percent Return posted crude posted prices pre-August 1960 level price of crude producing investments producing operations producing profits product postings profits in cents reduce reduction in posted refining and marketing restoration of prices return on investment return on producing Shell study stable prices tax revenues throughout the Eastern Total Eastern Hemisphere U. S. Depart Venezuela World Petroleum Industry