THE PRIZE
Introduction
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This research paper summarizes the principal findings of Daniel Yergin in The Prize, concerning the development of the international oil industry and its significance in international relations and power during the first 132 years after the first oil gushers spurted from the hills of western Pennsylvania in 1859. In his comprehensive and dispassionate account of how black gold came to be the foundation of the developed economies of the world and a prime determinant of the outcome of international events, the author recounts the adventures of the industry's colorful and often ruthless founders, the great private fortunes won and lost, how the industry was shaped and its structure transformed, periods of oil glut and scarcity, the internecine struggles among the principal international oil giants, the impact of oil on the course and result of two major wars, the titanic struggles between the industry and the oil-producing countries for control of the world's petroleum reserves and much else. From the outset, the oil industry was a risky proposition with great stakes dependent on insight, major investments of capital and the insights and derring-do of a relatively small number of promoters, geologists, dealmakers and empire builders. Yergin's history begins with Col. Edwin Drake's find near Titusville, representing the first step in the discovery and exploitation of the world's underground hydrocarbon wealth and the
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to improve its share of oil revenues. Despite British opposition, Standard of California (Socal, later Chevron) made a major find in Bahrein in 1932. Gulf and Anglo-Persian agreed to a 50:50 joint venture to develop a 75-year concession in Kuwait. Renegade British adviser Harry Philby persuaded Saudi Arabian King Ibn Saud to enter into a 60-year concession with Socal in 1933, leading to creation of American-Arabian Oil Company (ARAMCO), jointly owned by Socal and Texaco. In 1938, the first large wells were opened in Saudi Arabia and Kuwait.
(5) At the onset of the Depression, anarchy, low prices and overproduction plagued the American oil industry after wildcatters like Dad Joiner developed the huge East Texas oil fields, resulting in the imposition of production quotas and bans on the export of "hot oil" by the Texas Railroad Commission. The Depression itself produced international cartel agreements and increased regulation of the industry by national governments which pursued autarchic economic policies.
Role of Oil in World War II
Frustrated by American unwillingness to acquiesce in her conquests in Japan and Southeast Asia, Japan decided to embark on hostilities against the Western powers in large part because of its ob
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Approximate Word count = 3629
Approximate Pages = 15 (250 words per page)
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