How much does oil play a part in our everyday lives?
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Oil has been known to man for a long time as a substance that sometimes oozed to the surface of the ground or a lake; oil has only been put to use by man since its discovery in the 1850s in Pennsylvania.
Oil first changed the world by providing a cheap way to light the night in the form of kerosene – a change that likely saved the whale from extinction. With kerosine people were now free to stay up after the sun went down. More efficient and cleaner than coal, oil quickly found other uses.
Even bigger changes came with the development of the internal combustion engine and the arrival of cars, airplanes, and diesel-powered ships and locomotives. Beginning in about 1900 the acquisition and use of oil became a matter of wealth, national security, economic growth, and modern living. During WWI and WWII, acquiring oil, and denying it to the enemy, became a crucial wartime strategy. Since then we have witnessed the rise of OPEC, the oil shocks of the 1970s, the first Gulf War of 1990, and the revolution brought about by fracking and directional drilling. While wind, solar, and other renewables may be more benign for the environment, we are nowhere close to replacing oil and gas, especially when you consider that they are used to produce plastics, synthetic fibers, and fertilizer. Oil is simply required for much of modern life.
Much of the information for this talk is derived from the Pulitzer Prize-winning The Prize: The Epic Quest for Oil, Money, and Power, by Daniel Yergun. Mr. Yergun is currently Vice Chairman of S&P Global, and one of the world’s leading authorities on oil.
Speaker Bio:
Tom Hagedorn is a life-long learner who has been researching and talking about the many facets of western socialism and progressivism over the last five years. He has previously given the following talks at EmpowerU: Socialism in the U.S.: A Brief History; ESG: Introducing Our New World Government; American Education and Its Takeover by International Socialism; and Climate Calamity: Climate Change Exposed.
Tom is a member of the EmpowerU Board. Tom has been providing investment advice to individuals since 1983, and he has been involved in various political, charitable, and community activities. He holds a B.S. (cum laude) and an MBA from the University of Cincinnati, and he is a CPA and a CFP.
