EGEE 120
Oil: International Evolution

Lesson 2 Readings

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Reading Assignments for Lesson 2

Students are to read three chapters of the text - The Prize. Sections not listed are optional.

Chapter 4 - The New Century

Sections to Read

  • Introduction
  • Markets Lost and Gained
  • Breakouts
  • Pattillo Higgins' Dream
  • The Deal of the Century
  • Sun: "To Know what to Do with It"
  • "Buckskin Joe" and Texaco

Major Themes to Ponder as You Read

  • The Old House was dominant, but markets were shifting.
  • Kerosene’s dominance was threatened by electric lighting – technological change.
  • In addition to Russian & Sumatra Oil, new oil was found in California, Texas & mid-continent.
  • Standard’s dominance began to decline.

Chapter 5 - The Dragon Slain

Sections to Read

  • Introduction
  • The Holding Company
  • "The Red Hot Event"
  • Rockefeller's "Lady Friend"
  • The Trust-Buster
  • The Suit
  • the Dissolution
  • The Liberation of Technology

Major Themes to Ponder as You Read

  • Forces of competition were contributing to declining market share by Standard.
  • Business practices of SO became widely known – roots of hatred against big oil.
  • The Rise of Progressivism.
  • Public sought the Federal Government as the ultimate check on monopoly power.
  • Politics & business became intertwined.

Chapter 6 - The Oil Wars: The Rise of Royal Dutch, the Fall of Imperial Russia

Sections to Read

  • Introduction
  • The First Step Toward Combination
  • The "British Dutch" - and Asiatic
  • "The Group" - Samuel Surrenders
  • "To America!"
  • Return to Russia

Major Themes to Ponder as You Read

  • Oil business is a quest for balance in a vertically integrated business.
  • Investment in a new field requires downstream transport, refining & distribution.
  • Management is critical, as strategic mistakes can be fatal.
  • Political unrest can cause major oil supply disruptions.

From text - The Quest

Major Themes to Ponder as You Read

  • Compare the 1860s oil industry to today.
  • The need for technology advancing.

Chapter 2 - The Caspian Derby

Sections to Read

  • Introduction
  • The Oil Kingdom
  • History on Display

Chapter 4 - "Supermajors"

Section to Read

  • Were He Alive Today