PrintReading 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