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This report is an analysis by the Interagency Oil Task Force, formed in April 1974, to provide estimates for the potential production capabilities of the oil industry and the resources necessary to achieve these levels of production. The report outlines the possible levels of future production of petroleum liquids from domestic sources, and estimates how much domestic production would result at various price levels under a continuation of pre-1973 policies and, alternatively, under policies modified to give maximum encouragement to domestic oil production. Requirements for capital, equipment, materials, and personnel are also estimated.