3.Competitive_Commerce_Revised_S08 - 3. Competitive...

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1 3. Competitive Commerce International Oil
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2 Major Themes Standard Oil’s dominance eroded with several emerging competitors British traders played a key role Transportation is critical Case study in entrepreneurship Visionary thinking Putting the pieces together Improvise! Recurring attempts to form cartels
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3 American Control American oil exports in the 1870’s and 1880’s accounted for nearly 50% of the total American oil output 90% of this oil also passed through Standard’s hands Kerosene: 4 th largest U.S. export in value Danger: Emerging foreign competition; Discounted by Standard Oil
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4 Russian Oil Industry Not competitive, state-run monopoly Policies changed in 1870s A competitive industry emerged By 1873 many producers and refiners sprang up But many were inefficient, technologically backward Enter the Nobels Hand-dug wells in Azerbaijan
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5 The Nobel brothers Robert – oil (with walnut money from Ludwig) Ludwig – rifles (Oil King of Baku) Alfred – dynamite (Nobel Prizes) Nobels brought technology to the industry By 1876 his first shipment of illuminating oil had arrived in St. Petersburg
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6 Oil in the Dutch East Indies
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This note was uploaded on 04/19/2011 for the course EGEE 120 taught by Professor Considine,timothy during the Spring '07 term at Pennsylvania State University, University Park.

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3.Competitive_Commerce_Revised_S08 - 3. Competitive...

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