A Fund for the 21st Century

The Petroleum Research Fund has been in existence since 1944. At the time, the use of petroleum as a source for transportation fuel had only been widespread for about 30 years. Now it is 64 years since the creation of the fund and automobile production globally has gone from 4,000 cars in 1900 to present day rates resulting in over 600 million cars worldwide. No one could have predicted such astonishing growth in the number of motor vehicles or their impact on the environment. In similar fashion, the growth of electric power, telecommunications, computation devices have been inconceivably fast and large since the 1944 envisioning of the purpose of the Fund. The donors created a fund whose proceeds were to be used “…exclusively for advanced scientific education and fundamental research in the “petroleum field”…” The words “petroleum field” were put in quotes because even then it was clearly a moving target, changing so rapidly that they must have been unsure that a fund created in perpetuity could keep up with it. The clear intent was to have an impact on society through support of scientific education and research. The American Chemical Society was chosen to be stewards of the Fund.

Today we have the responsibility at the American Chemical Society to interpret the founding and successor documents in a way that ensures that the fund is used in the most effective way to address meaningful societal challenges. Energy research is still of critical importance to the survival and sustainability of the people and ecosystems on the Earth. The donors wisely broadened the definitions of the research that the fund could support in the following ways:

1. The phrase “fundamental research in the “petroleum field”” has added to it the following statement: “…which may include any field of pure science which … may afford a basis for subsequent research connected with the petroleum field.”
2. They then broadened the definition of the petroleum field as follows: “The term “petroleum field” as used herein embraces (1) exploration for, and the production, transportation and refining of, petroleum, petroleum products and natural gas, and (2) the production and refining of substitutes for petroleum products from natural gas, coal, shale, tar sands and like materials.”

The vision statement for the American Chemical Society is “Improving people’s lives through the transforming power of chemistry”. The vision for the Petroleum Research Fund is:

The ACS Petroleum Research Fund will support innovative fundamental research, advanced scientific education, and the careers of scientists, to aid in significantly increasing the world’s energy options.

The Fund’s vision is consistent with the ACS vision and 64 years after its creation, the ACS clearly remains the most appropriate steward for the Fund. The Fund has recently undergone a major strategic review leading to a strengthened focus on advanced scientific education with continued strong support of undergraduate institutions and grants for new faculty at both undergraduate and research universities. The undergraduate institutions are supported primarily because they are the source of many of the next generation researchers in the energy field and they need to be engaged early in their careers. The research institutions are expected to be the source of solutions to the wide variety of energy problems facing the world. As a result it is imperative that these institutions use these energy mandated funds only for energy research. The Fund has supported more generalized fundamental research for many years, however it is clear that the need for sustainable energy is important and should be a clear focus of the Fund.

There are many more funding sources available than there were in 1944. Each has their mission and focus and many will not even consider a proposal outside of that scope. We have our guidance as well, and a responsibility to ensure that the funds are being used wisely and effectively.

Our review resulted in a new set of programs, some of which will be implemented in the coming years. Our vision, mission, mandate and our strategic intent will cause us to focus and evaluate what we are doing in an ongoing basis. This will lead to a stronger Fund with clear impact on, and benefit to society, as will be clearly demonstrated over the coming years.

W. Christopher Hollinsed
Director
The American Chemical Society Petroleum Research Fund

August 2008

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