The Prize: The Epic Quest for Oil, Money & Power
Now with an epilogue that speaks directly to the current energy crisis, The Prize recounts the panoramic history of the world’s most important resource—oil. Daniel Yergin’s timeless book chronicles the struggle for wealth and power that has surrounded oil for decades and that continues to fuel global rivalries, shake the world economy, and transform the destiny of men and nations. This updated edition categorically proves the unwavering significance of oil throughout the twentieth century and into the twenty-first by tracing economic and political clashes over precious “black gold.”
With his far-reaching insight and in-depth research, Yergin is uniquely positioned to address the present battle over energy which undoubtedly ranks as one of the most vital issues of our time. The canvas of his narrative history is enormous—from the drilling of the first well in Pennsylvania through two great world wars to the Iraqi invasion of Kuwait, Operation Desert Storm, and both the Iraq War and current climate change. The definitive work on the subject of oil, The Prize is a book of extraordinary breadth, riveting excitement, and great value—crucial to our understanding of world politics and the economy today—and tomorrow.
Reviews (193)
Excellent "double duty" history of the oil and gas industry through 1991
This is a very well-written and neutral history of the oil and gas industry worldwide, from its beginnings in the U.S. in the 1850s up through the end of the Gulf War in 1991. I read this over perhaps eight months a couple years ago, having had been in the industry for about 18 years. I wish I'd read it when I first started working; I think my appreciation of my particular engineering field and its place in the context of the industry would've been greatly enhanced. The Prize doubles as both an extremely interesting story and a superb reference thanks to a comprehensive index. My only complaint is that the regional maps are generally sub-par and often don't indicate half the points of interest mentioned in the text. This is merely an annoyance though and doesn't detract much from the experience. I don't have much else to add. The Prize is written for the layman, so anyone with even a passing interest in the industry ought to check it out. I'm most of the way through the sequel The Quest, which covers the next twenty years or so of history though in quite a different manner and with generally poorer writing in my opinion. The Prize is a must buy!
Truly about the race... the human race!!
This one book has helped me view current events from a much more sophisticated perspective than before. Although oil is the connective tissue throughout, I learned immensely about World history, human psychology, war, the Middle East, imperialism, colonialism, and so many thing in between (e.g., 42 Gallons in a barrel of crude!). Without a hint of exageration, I learned more from this book than any other I can recall (less The Bible, and maybe The Brothers Karamazov which I just started reading!). It took me ONE YEAR to get it read (not sure why), but I committed to finishing it before starting any other read, and that I did. I am immensely thankful to the author for putting this massive piece together - truly a feat, if you ask me. What will come once this infamous resource evolves (or comes to an end)? A couple of centuries and so much.... everything. Phenomenal read, highly recommended!!!
Long, essential study of the political history of petroleum
One of the core studies of the role oil plays in world history. Very readable, very frightening. This older book from the 1980s does not address climate impacts, or the utter failure of the petroleum industry to take responsibility for its complete lack of social conscience, but that's not why you should read this book. Read this book for an understanding of how we got through the first 100 years of petroleum dependency.
Comprehensive, well-researched, but a bit boring
This book came so highly recommended, especially from friends in the investment industry. I am trying to get through it, but I am not enjoying it yet. The writing is uneven, rambling about for pages then gushing with excitement. I'd be impressed (but annoyed) if that seemed intentional by the author to mirror the work of exploring for and sometimes striking oil, but I think it. is just bad editing. It's a bummer because the content is interesting. I wish this tome were edited down by a more engaging and consistent storyteller. It's missing the quality you might find in a book like Bill Bryson's "A Short History of Nearly Everything", or even one of Isaacson's biographies. That said, I don't know a better book on the oil industry in particular or an industry in general, So this might just be very hard to write well for the general reader, and perhaps I am expecting too much.
The Age of Oil
This is the definitive book on the "Age of Oil" and its journey from fruition to modern day. Incredibly well researched and insightful. The Prize describes how this once seemingly useless substance served as a platform for building global economies and increasing human productivity. Oil; money; power ... the terms are synonymous. Rockefeller, Getty, Rothschild, and others became the wealthiest to have ever lived at the time. You must read this book to understand the true nature of oil's impact on our society. """ 1853: George Bissel visits oil springs in western Pennsylvania. 1859: "Colonel" Drake drills first well at Titusville. 1861-65: American Civil War. 1870: John D. Rockefeller forms Standard Oil Company. 1872: South Improvement Company stirs war in the Oil Regions. Rockefeller launches "Our Plan". 1873: Baku oil opened to development. Nobel family enters Russian oil business. 1882: Thomas Edison demonstrates electricity. Standard Oil Trust formed. 1885: Rothschilds enter Russian oil business. Royal Dutch discovers oil in Sumatra. 1892: Marcus Samuel sends the Murex through the Suez Canal; beginning of Shell. 1896: Henry Ford builds his first car. 1901: William Knox D'Arcy acquires a concession in Persia. Gusher at Spindletop in Texas; beginning of Sun, Texaco, Gulf. 1902-04: Ida Tarbell's History of Standard Oil Company serialized in McClure's. 1903: Wright Brothers' first flight. 1904-05: Japan defeats Russia. 1905: Revolution of 1905 in Russia; Baku oil fields ablaze. Glenn Pool discovered in Oklahoma. 1907: Shell and Royal Dutch combined under Henri Deterding. First drive-in gasoline station opens in St. Louis. 1908: Discovery of oil in Persia; leads to Anglo-Persian (later British Petroleum). 1910: "Golden Lane" discovered in Mexico. 1911: Agadir Crisis. Churchill becomes First Lord of Admiralty. U.S. Supreme Court orders dissolution of Standard Oil Trust. 1913: Burton "cracking" process for refining patented. 1914: British government acquires 51 percent of Anglo-Persian Oil Company. 1914-18: World War I and mechanization of the battlefield. 1917: Bolshevik Revolution. 1922-28: Negotiation on the Turkish (Iraq) Petroleum Company, leading to the "Red Line Agreement." 1922: Los Barroso discovery in Venezuela. 1924: Teapot Dome scandal erupts. 1928: World oil glut leads to meeting at Achnacarry Castle and "As-Is" agreement. French petroleum law. 1929: Stock market collapse heralds Great Depression. 1930: Dad Joiner's discovery in East Texas. 1931: Japan invades Manchuria. 1932: Discovery of oil in Bahrain. 1932-33: Shah Reza Pahlavi cancels the Anglo-Iranian concession; Anglo-Iranian wins it back. 1933: Franklin Roosevelt becomes President of the United States. Adolf Hitler becomes Chancellor of Germany. Standard of California wins concession in Saudi Arabia. 1934: Gulf and Anglo-Iranian gain joint concession in Kuwait. 1935: Mussolini invades Ethiopia; League of Nations fails to impose oil embargo. 1936: Hitler remilitarizes Rhineland and begins preparations for war, including a major synthetic fuels program. 1937: Japan begins war in China. 1938: Oil discovered in Kuwait and Saudi Arabia. Mexico nationalizes foreign oil companies. 1939: World War II begins with German invasion of Poland. 1940: Germany overruns Western Europe. United States puts limits on gasoline exports to Japan. 1941: Germany invades Soviet Union (June). Japanese takeover of Southern Indochina leads United States, Britain and Netherlands to embargo oil to Japan (July). Japan attacks Pearl Harbor (December). 1942: Battle of Midway (July). Battle of El Alamein (September). Battle of Stalingrad (begins November). 1943: The first "fifty-fifty" deal in Venezuela. Allies win Battle of the Atlantic. 1944: Normandy landing (June). Patton runs out of gas (August). Battle of Leyte Gulf, Philippines (October). 1945: World War II ends with defeat of Germany and Japan. 1947: Marshall Plan for Western Europe. Construction begins on Tapline for Saudi oil. 1948: Standard of New Jersey (Exxon) and Socony-Vacuum (Mobil) join Standard of California (Chevron) and Texaco in Aramco. Israel declares independence. 1948-49: Neutral Zone concessions to Aminoil and J. Paul Getty. 1950: Fifty-fifty deal between Aramco and Saudi Arabia. 1951: Mossadegh nationalizes AngloIranian in Iran (first postwar oil crisis). New Jersey Turnpike opens. 1951~53 Korean War. 1952: First Holiday Inn opens. 1953: Mossadegh falls; Shah returns. 1954: Iranian Consortium established. 1955: Soviet oil export campaign begins. First McDonald's opens in suburban Chicago. 1956: Suez Crisis (second postwar oil crisis). Oil discovered in Algeria and Nigeria. 1957: European Economic Community established. Enrico Mattei's deal with the Shah. Japan's Arabian Oil Company wins Neutral Zone offshore concession. 1958: Iraqi revolution. 1959: Eisenhower imposes import quotas. Arab Petroleum Congress in Cairo. Groningen natural gas field discovered in Netherlands. Zelten field discovered in Libya. 1960: OPEC founded in Baghdad. 1961: Iraqi attempt to swallow Kuwait frustrated by British troops. 1965: Vietnam War buildup. 1967: Six Day War; Suez Canal closed (third postwar oil crisis). 1968: Oil discovered on Alaska's North Slope. Ba'thists seize power in Iraq1969: Qaddafi seizes power in Libya. Oil discovered in the North Sea. Santa Barbara oil spill. 1970: Libya "squeezes" oil companies. Earth Day. 1971: Tehran Agreement. Shah's Persepolis celebration. Britain withdraws military force from Gulf. 1972: Club of Rome study. 1973: Yom Kippur War; Arab Oil embargo (fourth postwar oil crisis). Oil price rises from $2.90 per barrel (September) to $11.65 (December). Alaskan pipeline approved. Watergate scandal widens. 1974: Arab Embargo ends. Nixon resigns. International Energy Agency (IEA) founded. 1975: Automobile fuel efficiency standards established in the United States. First oil comes ashore from North Sea. South Vietnam falls to communists. Saudi, Kuwaiti, and Venezuelan concessions come to an end. 1977: North Slope Alaskan oil comes to market. Buildup of Mexican production. Anwar Sadat goes to Israel. 1978: Anti-Shah demonstrations, strikes by oil workers in Iran. 1979: Shah goes into exile; Ayatollah Khomeini takes power. Three Mile Island nuclear plant accident. Iran takes hostages at U. S. Embassy. 1979-81: Panic sends oil from $13 to $34 a barrel (fifth postwar oil crisis). 1980: Iraq launches war against Iran. 1982: OPEC's first quotas. 1983: OPEC cuts price to $29. Nymex launches the crude oil futures contract. 1985: Mikhail Gorbachev becomes leader of Soviet Union. 1986: Oil price collapse. Chernobyl nuclear accident in USSR. 1988: Ceasefire in Iran-Iraq War. 1989: Exxon Valdez tanker accident off Alaska. Berlin Wall falls; communism collapses in Eastern Europe. 1990: Iraq invades Kuwait. UN imposes embargo on Iraq; multinational force dispatched to Middle East (sixth postwar oil crisis). """
Excellent book covering oil's history and it's unprecedented influence on Global Affairs for over 100 years
If you want to know oil's history and story, and why it remains a dominant feature of humans' existence for the last 100 years, this is the book for you. Along with oil's story, you will learn the how and why driver of many of the historical events of the last 100 years. Given this book's scholarship, the writing is clear and will likely hold your interest as you become educated about the dominant player in the ubiquitous Energy Industry.
Great perspective relating control of a resource with human behavior and survival of nations
This is basically a history of the use of oil from its earliest mass production days in the mid 1800's up to today. This could be a dry topic but is written mainly as a series of narratives about the characters in the search of, production of, and control of the resource. The character driven approach makes this a surprisingly easy read for a fairly long book. It focuses on the effects of oil on the economies of both consuming and producing nations as well how access to oil affects the political power of nations. It makes clear how this access to the energy source affected all nations and was a huge driver in transforming the global economy. Highly recommended.
Petroleum and weapon lobbies would approve
The idea that we need oil to establish military security is insane. No one ever managed to solve problems by violence. Violence only creates basic for another round of violence. It’s an arrogance and greed of petroleum lobby that made some people believe that we need weapon and oil to establish a conversation with other nations. Oil destroys our planets and war destroys our lives. Everything is connected, as you see :)
Oil as the Hidden Hand of History
Yergin rewrites the history of the last 150 years through the perspective of the oil industry. Oil is the hidden hand that controls unfolding events. Is it any accident that the U.S. and Russia became the great powers of the 20th Century? -- they were the two early leaders in oil production. War machinery starts to shift to oil in World War I -- battleships goes from coal to oil; and the French and British pioneer the military use of automobiles and tanks. World War II is all about oil. Japan starts the Pacific War in response to American embargo of oil and with intent to seize the oil fields of the East Indies. Hitler strikes out for the Russian oil fields and overextends himself. By the end of the war he lacks the oil to feed his new jets, tanks, and armored divisions. An important front of the Cold War involves competition for the new oil in the Middle East. And finally, the history of the last 20 years is dominated by Hussein's attempt to get a corner on the oil market by seizing Kuwait and threatening Saudi Arabia. More fascinating than the wars is the lack of wars over this major commodity. As Yergin points out, the largest wealth transfer in history is the one to oil exporting countries in the late 20th century. The system of oil concessions that split profits with the host company is abandoned; host now takes all. These small, militarily weak producing countries were able to seize all of the profits and to reap extraordinary profit from the intense demand for this product. Remarkably (with the exception of Hussein's gambit) there is no assertion of military power to interfere with this. I suppose that too much is at stake for the big players to make a power grab -- it's in everyone's interest to cooperate so that we don't descend into international economic and political chaos. Yergin also sees the business cycle as driven by oil. The economy under Carter fails because of high oil prices. An oil glut in the 1980's explains the success of the economy under Reagan. The economy rebounds in the mid to late 1990s because of cheap oil. And the boom times of the early years of the 21st century is also explained by cheap oil. Supply and demand oscillate wildly over the years and the exporters and oil companies strive to stabilize the market. At present, demand is extraodinary given the emergence of China, India, and a host of other eocnomies. Conservation efforts have the effect of moderating demand, and at times the willingness of producers to cheat the quoata system combined with conservation efforts have led to boom times of cheap oil. As Yergin points out, fears that we will soon run out of oil have always been present. Certainly there will be a push to get oil from more difficult locations and a push for more alternative energy sources and conservation. So the oil won't run out, but the cost of it will spiral upwards and the ability of the world to sustain prolonged boom periods is doubtful. Yergin does a good job of making very dry material interesting. He explores the personalities of the men involved in this industry, and he writes well. This book will take you forever to read, but it will change your view of history.
This is the third copy of this book that I ...
This is the third copy of this book that I have purchased. The first two are on my shelf, and the third I gave away at a white elephant gift exchange. I originally found out about this book through an Energy Economics course I was taking during my undergrad at Michigan Technological University. The course was a hybrid undergraduate/graduate course, and one of the differentiators was that the graduate students had to read The Prize and write a paper on it. This book is a must-read for anyone who wants to understand the oil industry, its history, its geopolitics, and how oil has shaped policy and war for the past 100+ years.
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