EME 801
Energy Markets, Policy, and Regulation

Summary and Final Tasks

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Summary

In this lesson, you learned about the beginnings of the oil industry in Pennsylvania in the 1850s, the driving force for the early oil production, the key players, and the challenges and booms and busts. The emergence, role, and importance of Rockefeller and Standard Oil in the early development of the oil industry and cooperate structure in America were also discussed. You also learned about how one country, one state and one company dominated the early oil industry for many years. Finally, you were introduced to the international competitive oil industries to Standard Oil that emerged in Russia and the Dutch East Indies in the 1860s. The roles of key personalities such as the Nobels, Rothchilds, Samuels, and Kessler in making this competitive environment possible were also presented.

Reminder - Complete all of the Lesson 1 tasks!

You have reached the end of Lesson 1! Double check the What is Due for Lesson 1? list on the first page of this lesson to make sure you have completed all of the activities listed there before you begin Lesson 2. Note: The Lesson 2 material will open Monday after we finish Lesson 1.

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