The Prize Deep Book Pitch

The story of the monopoly of oil by the Standard Oil Trust is one of the more dramatic storylines in the history of the U.S. economy. This monopoly on oil occurred at a time when the United States was in the middle of a transformation from an agricultural society to the greatest industrial economy the world has ever seen. The effects of the Standard Oil monopoly on the U.S., and the world, were immeasurable, and the lessons that can be learned from this incredible story are as applicable today as they were a hundred years ago (www.linfo.org, 2004).

Over the course of this paper information regarding John D Rockefeller 's creation of the Standard Oil company will be showcased. First, information regarding Rockefeller’s entry into the oil industry will be presented. Second, how Standard Oil became the largest oil company in the United States. Next, the innovative products and procedures that Standard Oil creates to keep the company relevant throughout the era . Lastly, how the dissolution of Standard Oil paves the way for a diverse oil market with companies specializing in different productions. Now, John D Rockefeller may have been a cutthroat businessman; however, Rockefeller’s vision for Standard Oil creates a period of innovation and advancement of the none existent oil industry that remains relevant today.

During the 19th century there was a rapid growth in industrialization and change in America. “The iron and steel industry spawned new construction materials, the railroads connected the country and the discovery of oil provided a new source of fuel” (John D. Rockefeller, 2015). The discovery of an oil geyser in Spindletop was a paramount cause for the rapid growth of the oil industry. Within a year, oil became the primary fuel in America and became an integral part of the economy. “This state of things is made possible, and is obtaining, solely by and under the power and use of machinery; first in the hands of individual capitalists; then in the hands of companies; and, lastly, by corporations” (Moody, 1883). Industry leader John Rockefeller, was able to build an empire during this period of time and established his company the Standard Oil

In the beginning of the 20th century Texas discovered a major economic game changer. In January of 1901 in Spindletop, Texas oil was discovered in the form of a 100-foot geyser. Little did Texans know that their lives and economic situation would be changed forever. Right after the discovery most of the early profits made from oil went to easterners. When the 1920’s came around oil became a major economic engine. Causing major social changes in job opportunities, education, marriage, and sports.

Section C John D. Rockefeller and the Oil Industry The origin of the book excerpt was written on October 1, 1988 by Burton Folsom, a professor at Murray State University. It is an excerpt from his book Entrepreneurs vs. the State. The purpose of this excerpt is to inform the public about the economic decisions, successes, and struggles of John D. Rockefeller.

During the latter half of the nineteenth century, following the immense development in technology known as the Industrial Revolution, the company known as Standard Oil Co. Inc., and its head, John D. Rockefeller, Sr., grew to become, arguably, the most powerful symbol of capitalism in the United States of America. At the top of the nation’s industrial hierarchy was the mysterious, controversial figure held in contempt by millions of Americans in his greatest years. A thief, monster, and a number of other hateful names were given to the brilliant, sly mind monopolizing the oil industry, as Rockefeller and Standard Oil and sat leagues above the common man in

In 1853, the Rockefeller family moved to the Cleveland, Ohio, area, where John attended high school then briefly studied bookkeeping at a commercial college. It was the very first moment young John Rockefeller stepped into the world of business. In 1859, Rockefeller went into the produce commission business with a partner, Maurice B. Clark, and they raised $4,000. That same year, America’s first oil well was drilled in Titusville, Pennsylvania. The oil price at that time stayed unaffordably high since the industry was in infant level, demand wasn’t very high and, most importantly, the technology at that time couldn’t efficiently refine the crude oil. In 1863, Rockefeller and several partners entered the new oil industry by investing in a Cleveland refinery. Unlike other oil companies searching for another well, Rockefeller and his partners focused on the efficiency of refining process and its byproducts. They could stabilize the oil price, and could have price predominance to other companies. The timing was also perfect. The war was ending, the vibe of great expansion was booming and it was based on the expansion of railroad and oil-fueled economy.

The book, Crude World: The Violent Twilight of Oil is a warning to the world about the great harms that have been imposed on people and the earth by our need and dependence on petroleum products. The story is much darker than most people know and Maass is hoping to change that.

Klare argues that discovery of a natural resource, for instance, oil, result in producers seeking and exploiting the most desirable, best quality and those closest to markets. Over time, these “easy” resources become scarce, of poorer quality, harder to extract and extend into areas further away from the market. This subsequent need to extract “tougher” resources has catalyzed an age of discovery that energy experts call the “shale revolution.” Daniel Yergin, an author and energy optimist describes the “natural gas

The Prize is a non-fiction book written by author Daniel Yergin. It was published by Free Press Publishing on January 15, 1991 in New York City. Author Daniel Yergin is a graduate of Yale University and went on to receive his Ph.D. at Cambridge University. He is a chairman of the Cambridge Energy Research Associates and is the Global Energy Expert for the CNBC business news network. Dr. Yergin is highly respected in the field of energy. He received the Pulitzer Prize for The Prize: The Epic Quest for Oil, Money & Power. The book was also turned into an eight hour PBS series. The book is so popular on the subject that it has been translated into 12 languages. The Prize explains how oil became one of the biggest commodities in the world, how it affects our economy, and how it steered technology farther than we could have imagined so quickly. The book is a view of world history since the mid-1800s, held together by focusing on oil, the resource that everyone now wants and needs. All of this is made possible from transforming crude oil into other oils and commercial products. It has grown to be such a largely demanded product that many everyday items are made out of oil. In the book, Yergin also describes how the quick and unstoppable advance of technology brought out some of the best traits in humans but also some of the worst traits in human nature. Yergin goes into detail as to how access to oil determined the outcome of World War I and World War II. He also spends quite a bit of time examining the conflict in the Middle East and how oil plays in that

Oil was found at Masjed Soleyman in southeastern Iran on May 26, 1908, and three years later was piped down to a newly built refinery at Abadan on the Iranian side of the Shatt-Al-Arab, not many miles below Basra.1(Stephen, 1991) Its global importance eas immediately recognized, not just by the Admiralty in London, looking for new sources of supply for its oil-fired battleships, but in other European capitals as well leading to a brief British-German-Turkish skirmish for control of the pipeline at the start of World War 1.2(Wilfred, 2007) Oil was next found in the Persian Gulf, beginning with Bahrain in 1931; there were subsequent discoveries in Kuwait, Qatar, Saudi Arabia, the Trucial states, and Oman. By 1960 the smaller Gulf states were producing 15 percent of the world 's oil, with another 10 percent or so coming from Iraq and Iran.3(Longrigg, Oil in the Middle East) By 1970 this had risen to 30 percent.4(BP Statistical Review, 2006) The story of the discovery, exploitation, and importance of Middle Eastern oil has been told in many different ways, and from many different points of view. For some it has been a source of Western triumphalism as in the case of the Aramco story , in which brave Texas "pioneers" conquer the world 's last oil frontier.5(Wallace, 1971) For others, like the Arab novelist Abad Al-Rahman Munif, it is a tale of woe, as the lives of nomadic people are disrupted by the appearance of prisons and exploitative local officials.6(Cities of Salt, 1989)

Senator Everett Dirksen once noted “The oilcan is mightier than the sword”. In today’s world, it is easy to see why oil can be considered the most important resource to hold. Without oil, many of the common day occurrences we take for granted would be impossible. Oil is used for almost everything; from the fuel used to drive our vehicles, to the plastics used in every facet of life, and providing the heat needed to live through the winter. In fact, the United States depends so much on oil that as a nation it uses over 20 million barrels a day. Importing oil increases the total costs because of the need to transport it from around the world. It is estimated

In the “The Prize: The Epic Quest for Oil, Money, And Power,” Yergin undertakes the reader upon a thorough and enjoyable journey through oil history, from the first 1859 well drilling by Colonel Edwin in Pennsylvania during up to the invasion of Kuwait by Saddam Hussein in a wrathful grab for oil and wealth in 1990 August. Yergin explores the role of oil in warfare, depicts the ever-changing organization of the oil sector, and examines the prominent, as well as often flamboyant petroleum players. The book is a well-researched and well-written, and supplement to a history branch, which until very lately, had been regrettably neglected—history of business.

Folsom, Burton. "John D. Rockefeller and the Oil Industry." Fee.org. N.p., 1 Oct. 1988. Web.

Rockefeller was Andrew Carnegie’s only rival at the time. By the age of twenty-five, he controlled the largest oil refinery in Cleveland. By 1870, he founded his oil business, Standard Oil Company. After years of demanding illegal rebates from the railroads in exchange for his steady business, Rockefeller created a new form of corporate structure known as trust. This coordinated the industry to ensure profits to the participating corporations and to curb competition. By the end of the century, the Standard Oil Company valued at more than $70 million and ruled more than 90 percent of the oil business. When Ida M. Tarbell’s articles in McClure’s Magazine, exposing Rockefeller’s illegal methods used to take over the oil industry, Rockefeller had become a symbol of heartless