10. of improved transportation facilities, private research and development expenditures, more rapid investment in supply-producing ventures. On the negative side, there will be less adverse legislation that would thwart or blunt the objective of increasing our domestic energy base. Changes in the tax laws will more likely be helpful than harmful. Surface mining legislation will hopefully be realistic enough so that the mining industry can live with it. If we take these steps promptly, the energy crisis can be reduced to manageable proportions by 1985. By then we could be saving the equivalent of 7 million barrels of oil daily through conservation methods. Additional supplies equivalent to 9 million barrels daily could be forthcoming through new oil and gas wells, through vigorous pursuit of conversion of coal to synthetics and expanded coal production, production from oil shale. By this time new technologies for cleaning stack gases will be available and in place. On this basis we could reduce our need for imported oil to 2 million to 4 million barrels daily by 1985. In constant dollars but even after allowing the cost of imported crude to rise from $3. 75 to $6 a barrel, the drain on our balance of payments would be from $4 billion to $8 billion, compared to $3 billion in 1970. This assumes, of course, that we attack the problem promptly and vigorously as I have suggested. Failure to do so could cause us either to incur a $32 billion deficit for imported oil in 1985 or to face the consequences of underemployment, a reduced standard of living, and all the sacrifices in life values that are the handmaidens of an energy-starved society. The stakes are large. The time is short. The matter is of the highest urgency. We have had a period of temporary insanity but the time has come to get on with the job. Private enterprise and Government, working together, can get the job done. So let's go do it. # # #