Release: NBER Macrohistory Database
The Kuznets Data Were Calculated By Multiplying The Series In 1929 Prices By The Price Index For Petroleum Pipe Lines. For 1915-28, This Price Index Was Calculated For "Construction And Building Materials, Statistical Supplement", May 1954, Pp. 33 And 82, And It Was Extrapolated Back From 1915 By The Total Construction Cost Index Described In Kuznets,"National Product Since 1869", Table Iv-4, Notes To Line 1. The Dept. Of Commerce Estimates Were Prepared By The Building Materials And Construction Division Of The Business And Defense Services Administration. They Represent All Costs Of Drilling, Including The Cost Of Casings. The Cost Of Installed Production Equipment, Such As Flowing And Pumping Equipment, Is Excluded. The Figures Are Based On The Cost Of Drilling Oil And Gas Wells, As Reported In The Census Of Mineral Industries, 1939 And 1958, Interpolated And Extrapolated By Annual Data On The Number Of Wells Completed (From Trade Sources) And On Average Cost Per Well (Estimated By The Compiling Agency). Source: 1889-1928: Unpublished Annual Estimates Which Underly Five-Year Moving Averages Published, With Explanatory Notes, In Simon Kuznets, "Capital In The American Economy, " Princeton University Press For NBER, 1961, Tables R-5, Pp. 492-493; R-15, Pp. 526-527; And R-30, Pp. 576-587. 1929-1938:"National Income", 1954 Edition, Supplement To "Survey Of Current Business", Footnote 8 To Table 31, P. 209. 1939-1945:"Construction And Building Materials, Statistical Supplement", May 1954, U.S. Department Of Commerce, Business And Defense Services Administration, Table 24, P. 56. 1946-1956:"U.S. Income And Output", Supplement To "Survey Of Current Business", 1958. 1957-1963:"Survey Of Current Business", July Issues, 1962 And 1964.
This NBER data series a02230 appears on the NBER website in Chapter 2 at http://www.nber.org/databases/macrohistory/contents/chapter02.html.
NBER Indicator: a02230
National Bureau of Economic Research, Expenditures for Petroleum and Natural Gas Well Drilling for United States [A02230USA398NNBR], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/A02230USA398NNBR, April 8, 2020.