I\'ve been working with a lot of FORTRAN 77 lately, and though I had reservations at first, I now see some great qualities of the language. It is:
Or is the answer Fortran 90, 95, 2003 . . . ? Yes. For scientific computing, Fortran >=90 removes the limitations of FORTRAN 77. Learn how to use allocatable arrays to have dynamically sizable arrays. Learn how to use modules to organize your procedures and variables -- and easily provide automatic consistency checking between actual and dummy arguments. Starting from FORTRAN 77, you can gradually learn Fortran 90/95/2003, using whichever features seem useful to you. You don't have to learn the OO features and can ignore that portion of the language, until perhaps someday it offers utility to you.
I recommend the Metcalf, Reid and Cohen book.