Whale oil had the highest quality and was the most expensive. Please send comments or suggestions on accessibility to the site editor. Daniel Yergin’s book is a treasure trove of interesting information that can capture the interest of young people. This is an excellent survey of the history of petroleum from 1860 to 1990. The credibility of the world-famous Prof. Silliman, if the results turned out positive, was all the investors needed to achieve their fundraising goals. at that time was simply dumped or used as a solvent. Yergin is known around the world for his book The Prize: the Epic Quest for Oil Money and Power, which was awarded the Pulitzer Prize. The Quest is considered the sequel to The Prize. The need for a cheap illuminant (primary) and lubricant (secondary) started entrepreneurial innovations to meet these needs in the late 1840s and early 1850s. Finalists. [Emphasis added], The Quest: Energy, Security, and the Remaking of the Modern World, "The Stuff That Makes the World Go Round". Access a free summary of The Prize, by Daniel Yergin and 20,000 other business, leadership and nonfiction books on getAbstract. The salt drillers he hired, who had a reputation for whiskey and drunkenness, thought he was insane and did not believe in his idea of drilling for oil and treated the job accordingly. This is an excellent survey of the history of petroleum from 1860 to 1990. Member Daniel Yergin. To commit the Navy irrevocably to oil was indeed to "take arms against a sea of troubles." The price of the first oil drilled from PA was about $40 per barrel. The book is also available as an abridged audiobook, read by Bob Jamieson with a run time of 2 hours and 53 minutes. With the discovery of oil production via drilling, the farmers along Oil Creek started shouting “The Yankee has struck oil,” and the news started a mad rush to acquire sites and begin drilling for more oil. The task now boiled down to finding someone to undertake the drilling of oil in Western PA - the candidate was “Colonel” Edwin L. Drake. By 1866, he had lost all his money and become a semi-invalid living in poverty and physical pain. Three reasons accounted for this practice: the lack of geological knowledge, the expected large and quick rewards, and the nature of the leasing terms that put a premium on producing quickly. We had, on the other hand, the finest supply of the best steam coal in the world, safe in our mines under our own land. Interestingly, after crude oil was processed, one of the by-products (gasoline!) What are some possible solutions to the problems created by the rule of capture? provided a thorough treatment of the creation of the Hydrocarbon Age. Even Silliman bought 200 shares of the company. By November 1860, 75 wells were producing in Cornplanter, later renamed Oil City, and the Titusville and Oil City areas were referred to as the Oil Regions. "The 1992 Pulitzer Prize Winner in General Nonfiction: The Social Transformation of American Medicine, https://en.wikipedia.org/w/index.php?title=The_Prize:_The_Epic_Quest_for_Oil,_Money,_and_Power&oldid=966794378, Pulitzer Prize for General Non-Fiction-winning works, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License, This page was last edited on 9 July 2020, at 07:21. In the US in the 1850s, the spread of kerosene faced two availability challenges: the source of the supply and a cheap lamp well-suited to the burning of kerosene. The Pennsylvania State University © 2020, Infographic of major products obtained from refining crude oil, Click Here for Text Alternative for Major Oil Products Infographic, Lesson 1 - The Rise of American Oil and the Competitive International Industry, The lecture for the Prize Chapter 1: Oil on the Brain: The Beginning, The Prize Chapter 2: Our Plan: John D. Rockefeller and the Combination of American Oil, The Prize Chapter 3: Competitive Commerce, Lesson 2 - Standard Oil Trust and the Oil Wars, Lesson 3 - Asian Oil Development and World War I, Lesson 4 - Middle East Oil Development & the Rise of Automobiles & Gasoline, Lesson 8: Post-war Petroleum Order and Crises, Lesson 11: Supply Disruptions, Price Shocks & Oil Market Trading, Lesson 12: Unconventional And Climate Change, Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, Department of Energy and Mineral Engineering, Department of Materials Science and Engineering, Department of Meteorology and Atmospheric Science, Earth and Environmental Systems Institute, iMPS in Renewable Energy and Sustainability Policy Program Office, BA in Energy and Sustainability Policy Program Office, 2217 Earth and Engineering Sciences Building, University Park, Pennsylvania 16802. Daniel is author of the New York Times best seller, The Quest: Energy, Security, and the Remaking of the Modern World, and The Prize: The Epic Quest for Oil, Money and Power, for which he won the Pulitzer Prize. Books for People with Print Disabilities. The prize by Daniel Yergin. As an example, to overcome the teamster’s stranglehold on transportation, an ingenious method of transporting oil through wooden pipelines was developed between 1863 and 1865. Daniel Yergin’s book is a treasure trove of interesting information that can capture the interest of young people. His first job was to acquire the titles to the prospective oil lands. It was not until April 1861 that the first flowing wells (gushers) were drilled. He also saw an advertisement for medicinal oil that showed salt drilling derricks and thought that oil could be obtained by drilling instead of digging. Coincidentally, the letter also arrived on August 27, 1859! Land that once sold for $2 million in 1865 was sold for $4.37 in 1878! The name of the book is taken from a quote by Winston Churchill in 1912, when he was First Lord of the Admiralty, long before becoming Prime Minister of the United Kingdom. The Prize. Whiskey barrels were used to collect and store the oil, more wells were drilled, more rock oil became available, and the only item in shortage was whiskey barrels! ), especially the … The Prize: The Epic Quest for Oil, Money & Power, The Prize: The Epic Quest for Oil, Money, and Power, Natural Capitalism: The Next Industrial Revolution, Competition Policies for an Integrated World Economy, Political Science / International Relations / Diplomacy. Bissell and Townsend wasted no time visiting Titusville and subsequently became very wealthy, but things did not go as well for Drake. Many factors quickly made kerosene from crude oil more desirable than whale oil as an illuminant, and that led to the establishment of a large and steady market for the new commodity of crude oil. By 1859, about 34 companies in the U.S. were producing $5 million a year worth of kerosene from coal & other sources and the market and demand were growing. The Prize: The Epic Quest for Oil, Money, and Power is Daniel Yergin's history of the global petroleum industry from the 1850s through 1990. Daniel Yergin Dr. Yergin received the Pulitzer Prize for the number one bestseller The Prize: The Epic Quest for Oil, Money & Power , which was also made into an eight-hour PBS/BBC series seen by 20 million people in the United States.
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