Histories or reviews covering the period from 1922, the first year of petroleum geophysics in the United States, to 1940 were ably presented by Eckhardt, Macelwane and Weatherby at the Society of Exploration Geophysicists’ Annual Meeting of the latter year. This paper deals mainly with advances in geophysics since 1940. Marked progress has been made in the amount of geophysical activity, in the number of new oil fields discovered per year based wholly or partially on geophysics, in geophysical techniques, and in education. Improvements in instrumentation, field operational procedures, and interpretation methods have steadily increased the usefulness of the three major methods—seismic, gravity, and magnetic. The development of the aerial magnetometer, especially, and the underwater gravimeter represent notable achievements. These developments have made possible the extension of geophysical activity offshore, and in many other areas previously considered inaccessible. Advances have also been made in logging, particularly in the radioactivity type, geochemistry and electrical prospecting. Research, both fundamental and applied, is being conducted on a greater scale now than in 1940 or prior thereto. Increased geological‐geophysical coordination has led to better appreciation and utilization of the geophysical methods and has resulted in the discovery of important oil and gas reserves. Novel or more direct oil finding methods may possibly be discovered or perfected. It is more probable, however, that the future of exploration geophysics will be primarily in the continual refinement of the present known methods. Advances in exploration geophysics and geology, along with teamwork, should insure adequate production and reserves within the United States for a long period. This is predicated on our nation having competitive free enterprise, which has been responsible for the leadership of this country in oil finding, producing, transporting and refining techniques.