Release: NBER Macrohistory Database
Series Is Presented Here As 2 Variables: (1) Annual Data, Kuznets' Estimates, 1889-1945; (2) Annual Data, Dept. Of Commerce Estimates, 1946-63. The Kuznets Data, In 1929 Dollars, For 1889-1918 Were Extrapolated From The 1919 Figure By The Number Of Wells Drilled Each Year (See Pp. 526-527 Of Kuznets,"Capital In The American Economy" For Derivation). For 1919-28, Data Were Extrapolated From The 1929 Figure By The Series Described In Kuznets,"National Income And Its Composition, 1919-1938",P. 645. This Series Is Based On Individual State Data For Number Of Wells Drilled And 1935 Costs. For 1929-45, Kuznets Used The Commerce Series In Current Prices (02230) Divided By The Price Index For Petroleum Pipe Lines, Calculated From "Construction And Building Materials, Statistical Supplement", May 1954, Pp. 33 And 82, And Adjusted To A 1929 Base. The Dept. Of Commerce Series, In 1954 Dollars, 1946-1963, Is The 1954 Value Figure (Series C84), Extrapolated By Total Footage Drilled Annually. Source: 1889-1945: Unpublished Annual Estimates Which Underly Five-Year Moving Averages Published, With Explanatory Notes, In Simon Kuznets, "Capital In The American Economy."
This NBER data series a02258a appears on the NBER website in Chapter 2 at http://www.nber.org/databases/macrohistory/contents/chapter02.html.
NBER Indicator: a02258a
National Bureau of Economic Research, Expenditures for Petroleum and Natural Gas Well Drilling, Constant Dollars for United States [A0258AUSA379NNBR], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/A0258AUSA379NNBR, January 28, 2020.