The Prize Episode 1

The Prize Episode 1
Oil,
-The story begins deep in the backwards of Pennsylvania. This video is based on the prize book of Daniel yergen,
The prize: the epic quest for oil, money and power.
“Our plan”
Mclures magazine new york
-Oct 1903, Ida Tarbell. Editor Tarbell will investigate one of the richest man on America with John settle, researcher.
-The man she was investigating was John D.Rockefeller, he created standard oil trust. He was one of the most hated man. When editor Bell saw him for the first time, her first impression was: overwhelming. The cruelest figure in his face is his mouth, it looks like sadnesss. He made himself the richest man but he has paid nothing but pain.
-She was going to search the truth of Rockefeller.
-There was a river, called oil greek inPennsylvania, where there was petroleum in the surface and Indians used petroleum, it has no commercial value until Rockefeller.
Before 1859, oil was known as petroleum, it was used for medicine, it can cure burns, fevers. You could refine and make illuminating oil, until the invention oil lamp, lighted come from candles they were expensive, so they need in the market a new source of illumination andthe question was that rock oil can became the new illuminate,
In 1854, some samples of rock oil were collected. If enough rock oil could be found, it could be sell cheaper and capture the market for lamp oil, so a group of east coast investors went there. In 1857 Coronel Drake has come for explore for oil. Drake was no real coronel but he can travel for free. He used the salt techniques to drilloil.
After one year, money was running short and they became inpatient, then in spring of 1859, he hired Williams smith, also called uncle Billie, he has all the necessary skills. Also his nephew was going to help him. It was now summer and they use a pipe as they drilled. On Sunday, August 1859, they have several buckets of oil and on Monday, when Coronel Drake received the final payment, theyhitched, and oil began to flow, at first it was sell for 14 dollars a barrel.
Drake know that oil can be found in abundance and produce cheaply. Farms and factories, lamps used curasine. Western pensylvania. It was like a gold rush.
Overproduction drawr prices down to 10 dollars a barrel to 10 cents a barrel in just one year.
Among this oil boom town, there was Tarbell family. The mother wasSther and father was Franklin. Franklin know how to do wooden barrels. Oil was all transported and sell in barrels, so he was at the right place and right time. He made a tank for oil, he developed wooden tanks, and had a business called “Tarbell tanks” But then metal tanks were a better for American petroleum.
Everybody was drilling next to their neighbors; they were on top of each other andthey were getting oil before the one next door do it. It was overproduction, it was an oil fever.
Petrol. Franklin joined the rush.
But after 500 days the oil gave up. In 1865, Ida was 8 years old. Local producers, railroads good news.
John D. Rockefeller was 16 years old, and he went to Cleveland to start business. Oil business was just beginning and he was interested. At the age of 26, heand his partner owned an oil refinery. He was always conscious of cost.
It was the first modern refinery. The cost of transportation from Cleveland to new york were the same as a barrel of oil. At that time, three competing railroads were serving Cleveland. They were supposed to charge the same to everyone but he got a very good rate. He was a big customer that railroad has to give him specialrates.
Three persons began to refine oil but to save the new industry, he has to eliminate his rival refiners. He saw a chaotic situation, the only way to make it more efficient was to put together the producing and marketing companies. The plan was to gain control of the all American oil refining industry, and to make one combination where he would be the buss.
And in 1871, he had his...