The Ghost of Petro Past The world consumes 90 million barrels of petroleum a day 3.8 million a day Recent phenomenon- crude oil Petroleum has been known since ancient time- knew it as a flammable substance 1840/1850 people started experimenting in Europe and US in place of whale oil Distilled out kerosene- burn brighter and cleaner and cheaper than whale oil Starts off a second industrial revolution- Europe and America 1860/1870 petroleum extraction became big money UK, eastern Europe and Russia started cranking out oil- Bulgaria, Poland Oil boom in US, “there will be blood” “texas ..” “rockefellers” For the first half of the 20 th century, the US was the top producer of petroleum US was early adapter and adopter- internal combustion led to cars Automobile not invented in US, but takes off in the US 1880 cars in Germany- Carl Benz 1886 Chiddy Chiddy Bang Bang- auto racing Henry Ford- 1913 first moving assembly line Rise in commercial aviation- wright brothers
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- Fall '15
- oil companies, Western companies