Eyes devouring The Prize

[slowfox]

Currently reading The Prize by Daniel Yergin, a potted history of the development of oil about the globe. It's a book that keeps on getting referenced by various people as I've maintained this resource depletion kick of mine, and Waterstones had it, so clearly it was destiny that I should so procure.

It's quite good, although it's obviously trying to strike the balance between depth and length, so some of the stuff (particularly about Standard Oil's business practices early on) is rather glossed over (indeed, you almost get the impression that Standard Oil didn't really do anything wrong, when other sources contend that actually they were downright nasty).

Does make me wonder afresh at how dynamic the late C19 and early C20 were - such change, passion and progress. Anyway, that's the book that's currently occupying my evenings at Castle Fox :-)

Comments

[aome]

how dynamic the late C19 and early C20 were

Not just the early C20, but mid-range, too. I sometimes think my grandparents (b 1907 and 1913) saw the biggest changes in mankind in their lifetimes - the development of cars and planes into casual transportation, radio and TV and refrigeration at home, computers, VCRs etc, color photography, women getting the right to vote, civil rights, on and on. Really amazing.

So, what's the latest information on resource depletion?

[slowfox]

So, what's the latest information on resource depletion?

Well, the global downturn dampened demand for oil somewhat, but it seems likely that we've passed the peak of global oil production. I've not actually touched base with those figures for a while, and, as above, I'm currently mired in the 1930s in The Prize.

The really scary issue is that with increased growth in China and India, there's an increasing demand for oil supplies, yet the last time that oil discovery outstripped demand was back in the 60s, if memory serves. So for the last four decades, we've been constantly using more oil than we've been discovering. That's a trend with only one conclusion. More (informed) talk about all that stuff in a post on another day, though, methinks :-)

[linaelyn]

I enjoy reading your book reviews. Since the excesses of Standard Oil's heyday is such basic fodder in American History classes for primary school, here - it's actually a bit... refreshing? ... to see it glossed over in a book of this sort. A different perspective, at any rate.

[slowfox]

Since the excesses of Standard Oil's heyday is such basic fodder in American History classes for primary school

Ah... that would possibly make sense - it being a book by an American author, it's obviously suffused with the cultural vernacular. Over here, we've not really heard of Standard Oil - instead the company was known by the name Esso (S.O. geddit?).

Right at the moment in the book, everyone's gearing up for WWII, the Mexicans have just renationalised their oil industry, and the major suppliers keep on trying to form a cartel to control global pricing, but not quite succeeding. It's revealing to discover that whilst, yes, oil could realise staggeringly huge profits if you came in at the right time, the business was at the same time staggeringly precarious.