The Prize: The Epic Quest for Oil, Money, and Power - Part 1, Chapter 3 Summary & Analysis

Daniel Yergin
This Study Guide consists of approximately 136 pages of chapter summaries, quotes, character analysis, themes, and more - everything you need to sharpen your knowledge of The Prize.
This section contains 1,515 words
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Part 1, Chapter 3 Summary

The thought of kerosene fires at sea was terrifying, but after the first safe delivery to London in 1861, global trade grew rapidly. Europe was oil-hungry for the same reasons as Americans: lighting, industrialization, and urbanization. U.S. consuls eagerly pushed the new "Yankee invention," and helped develop distribution networks. During the 1870s-80s, over half of U.S. oil output was exported, mostly to Europe, with Standard responsible for 90%. Its leadership and other experts doubted that oil would be discovered outside the U.S.

American kerosene found a ready market in Russia in 1862. Ancient sources told of "pillars of fire" in the Caucasus Mountains around Baku, and after Russia annexed the region in the early 19th century, a primitive industry developed there, thwarted by the region's backwardness and isolation, as well as by incompetent czarist administration. Wells were drilled in 1871-...

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This section contains 1,515 words
(approx. 4 pages at 400 words per page)
Buy The Prize: The Epic Quest for Oil, Money, and Power Study Guide
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