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The Prize: The Epic Quest for Oil, Money, and Power
The Prize recounts the panoramic history of oil -- and the struggle for wealth and power that has always surrounded oil. This struggle has shaken the world economy, dictated the outcome of wars, and transformed the destiny of men and nations.
The Prize is as much a history of the twentieth century as of the oil industry itself. The canvas of history is enormous -- from the drilling of the first well in Pennsylvania through two great world wars to the Iraqi invasion of Kuwait and Operation Desert Storm.
The Prize is as much a history of the twentieth century as of the oil industry itself. The canvas of history is enormous -- from the drilling of the first well in Pennsylvania through two great world wars to the Iraqi invasion of Kuwait and Operation Desert Storm.
928 pages, Paperback
First published January 15, 1991
3291 people are currently reading
29125 people want to read
About the author
Daniel Yergin
26 books738 followersDaniel Yergin is the author of the new bestseller The Quest: Energy, Security, and the Remaking of the Modern World which has been hailed as “a fascinating saga” about the “quest for sustainable resources of energy,” and “the book you must read to understand the future of our economy and our way of life,” not to mention “necessary reading for C.E.O.’s, conservationists, lawmakers, generals, spies, tech geeks, thriller writers. . . and many others.”
He received the Pulitzer Prize for The Prize: the Epic Quest for Oil Money and Power, which became a number one New York Times best seller and has been translated into 17 languages.
Dr. Yergin is Vice Chairman of IHS and Founder of Cambridge Energy Research Associates and serves as CNBC’s Global Energy Expert.
Other books by Dr. Yergin include Commanding Heights: The Battle for the World Economy. Dr. Yergin has also written for The New York Times, Wall Street Journal, Washington Post, Financial Times, Foreign Affairs, Foreign Policy, The Atlantic, Los Angeles Times, International Herald Tribune, and many other publications.
Both The Prize and Commanding Heights were made into award winning documentaries. The eight-hour miniseries The Prize was aired on PBS, BBC, and NHK and viewed by 20 million viewers in the United States alone. The 6-hour documentary Commanding Heights that Dr. Yergin produced received three Emmy nominations, and the New York Festivals Gold World Medal for best documentary.
Dr. Yergin serves on the U.S. Secretary of Energy Advisory Board and chaired the US Department of Energy’s Task Force on Strategic Energy Research and Development. He is a Trustee of the Brookings Institution, on the Board of the New America Foundation, and on the Advisory Board of the Massachusetts Institute of Technology Energy Initiative.
Dr. Yergin holds a BA from Yale University and a PhD from Cambridge University, where he was a Marshall Scholar.
He received the Pulitzer Prize for The Prize: the Epic Quest for Oil Money and Power, which became a number one New York Times best seller and has been translated into 17 languages.
Dr. Yergin is Vice Chairman of IHS and Founder of Cambridge Energy Research Associates and serves as CNBC’s Global Energy Expert.
Other books by Dr. Yergin include Commanding Heights: The Battle for the World Economy. Dr. Yergin has also written for The New York Times, Wall Street Journal, Washington Post, Financial Times, Foreign Affairs, Foreign Policy, The Atlantic, Los Angeles Times, International Herald Tribune, and many other publications.
Both The Prize and Commanding Heights were made into award winning documentaries. The eight-hour miniseries The Prize was aired on PBS, BBC, and NHK and viewed by 20 million viewers in the United States alone. The 6-hour documentary Commanding Heights that Dr. Yergin produced received three Emmy nominations, and the New York Festivals Gold World Medal for best documentary.
Dr. Yergin serves on the U.S. Secretary of Energy Advisory Board and chaired the US Department of Energy’s Task Force on Strategic Energy Research and Development. He is a Trustee of the Brookings Institution, on the Board of the New America Foundation, and on the Advisory Board of the Massachusetts Institute of Technology Energy Initiative.
Dr. Yergin holds a BA from Yale University and a PhD from Cambridge University, where he was a Marshall Scholar.
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April 26, 2016
I bought Daniel Yergin’s The Prize during one of my semi-regular fits of intellectual hunger, which often strike after I’ve read five straight books about Nazi henchman and zero books about anything relevant to today’s world. After the purchase, I put it on the shelf. And there it sat, for a long, long time. It is, after all, a tremendously big tome about oil; it does not scream out to be consumed or embraced or loved. For a long time it just sat there, on my shelf, laughing at me.
Finally, one day, I picked it up, and started to read it. Then I quit. Because it was about oil.
Sometime later, I came across a certain politically-oriented meme on my brother’s Facebook page. This meme consisted of a picture of a gas pump with a Post-It note stuck next to the digital price-per-gallon screen. The content of the note, summarized, is that gas prices now are higher than when Obama was inaugurated. The message strongly implied that if only we’d get smart and elect a Republican we could all get oil-drunk and drive huge and unnecessary pickup trucks and bathe in oil and pour oil in our cereal and light oil on fire just to laugh at the flames and all for $2 a gallon.
I assume I’m not the only one vexed by the question of constantly fluctuating oil prices. And I’m sure I’m not the only one to give a half-informed (if that) opinion about the cause. That’s when it struck me: I have this question about oil; I also have this massive, 800-page oil-opus written by one of the world’s leading energy authorities.
Thus had I reached that crucial moment when a sudden, fleeting interest intersected with exactly the right book to satisfy that interest.
Unfortunately, Daniel Yergin’s paper doorstop does not answer that fundamental question about oil prices. (That answer has something to do with oil being a global commodity. And also there are Oil Elves). Instead, The Prize positions itself as the history of the world from 1853 to 1991, told from the point of view of black gold, Texas tea, etc.
The slowest going comes at the beginning, during Part I, when Yergin details – at extensive length – the “founders” of the great oil companies (many of which exist today). This material is not inherently dramatic, but Yergin’s handling of it ensures that the narrative presents itself as more of a checklist of events than anything else. He jumps quickly from one place to the next, one person to the next, so that it all becomes something of a blur (a chronology in the back does help).
Moreover, The Prize has a sort of subject-myopia. It is so intent on touching on the highlights – Rockefeller forms Standard Oil; a gusher at Spindletop – that it never gets into all the other elements that make oil’s story worth telling (or, for that matter, give it context). Yergin never really explains how oil is discovered or recovered; how it evolved from a lighting source to a propulsion source; or the actual mechanics of how an oil company operates. To be sure, some of these topics are mentioned, but none are explored in a truly satisfactory way.
For instance, the Organization of Petroleum Exporting Companies (OPEC) dominate the later sections of the book. Yergin is sure to tell you every time OPEC did something that shook up world oil markets. However, he never gets into any true discussion of OPEC’s workings. That is, how and why OPEC was able to accomplish what they accomplished (and still accomplish). In other words, The Prize is about tell, not show. There were many times I sought a deeper, fuller understanding of this subject; instead, there was often only a recitation of facts.
The story does pick up pace further on. This uptick coincides with oil’s breakthrough as a fuel source for machinery. Yergin devotes four chapters to World War II, the epochal event that ushered in this sea-change. Especially effective is his look at the Pacific Theater, where the first great blunder was Japanese Admiral Yamamoto’s failure to destroy the oil fields near Pearl Harbor. Yergin’s insights into Japan’s desperate oil shortages has really deepened my understanding of the conflict. These shortages are mentioned – in passing – in every history of World War II. Fleeting references, however, fail to do the situation justice. Japan literally began the war with a timetable based on fuel stocks. When that timetable did not proceed apace, Japan’s ultimate defeat was a mathematical certainty. It forced Japan into numerous desperate measures that appeared fanatical, but which were dictated by oil logic.
(Chief among these measures were the kamikaze attacks. These suicide missions were exceedingly effective in terms of resource conservation, since planes only needed enough fuel for a one-way trip. Furthermore, fuel did not have to be expended to train these pilots, since all they needed to know was enough to get them off the ground and headed in the right direction).
The post-World War II years was the time when oil took its mantle as the leading natural resource. In Yergin’s phrase, it was the “age of the hydrocarbon man.” It is at this point, when a growing desire for oil butted up against a newly rearranged Middle East, that The Prize really hits its stride. The chapters on the Middle East cover all the flashpoints: the Suez Canal Crisis; the Yom Kippur War; the Iran-Iraq War; the fall of the Shah and the Iranian Revolution; and finally, Gulf War I, touched off by Saddam Hussein’s seizure of tiny, oil-rich Kuwait.
Not only are these international crises more interesting reading than earlier tales of wildcatting in Pennsylvania, but Yergin does a better job finding the human drama to accompany the inanimate central character. Interspersed between dry talk of concessions and OPEC and price controls, you get to meet fascinating people such as Mohammed Reza Shah Pahlevi, the Shah of Iran, T. Boone Pickens, the “wacky” billionaire, and J. Paul Getty, at one time the richest man in America:
It’s strange to think, but there are kids alive today, old enough to carry on conversations, who have never lived in a world in which America was not at war in the Middle East. We’re there, ostensibly, to fight terrorists. But if you follow the trail back into the past, you find we’re there for an entirely different reason. Among other things, terrorism is a response to the West’s continued (often heavy-handed) presence in the Middle East. That presence has included rampantly exploiting natural resources and propping up certain leaders – often to the detriment of their people – in order to create advantageous geopolitical stability. That stability is necessary to the uninterrupted flow of a very precious commodity.
In the end, the cliché that “it’s all about oil” is true. The Prize, despite what I found to be shortcomings, does a masterful job of explaining just how that happened. In that way, it succeeds in doing what all history books aspire to do: to show the direct link between the past and the present. Even though The Prize ends in 1991 (with a short update chapter), it clearly proves its thesis that oil – and all the struggles surrounding its discovery, acquisition, and distribution – created our modern world. For better and for worse.
Finally, one day, I picked it up, and started to read it. Then I quit. Because it was about oil.
Sometime later, I came across a certain politically-oriented meme on my brother’s Facebook page. This meme consisted of a picture of a gas pump with a Post-It note stuck next to the digital price-per-gallon screen. The content of the note, summarized, is that gas prices now are higher than when Obama was inaugurated. The message strongly implied that if only we’d get smart and elect a Republican we could all get oil-drunk and drive huge and unnecessary pickup trucks and bathe in oil and pour oil in our cereal and light oil on fire just to laugh at the flames and all for $2 a gallon.
I assume I’m not the only one vexed by the question of constantly fluctuating oil prices. And I’m sure I’m not the only one to give a half-informed (if that) opinion about the cause. That’s when it struck me: I have this question about oil; I also have this massive, 800-page oil-opus written by one of the world’s leading energy authorities.
Thus had I reached that crucial moment when a sudden, fleeting interest intersected with exactly the right book to satisfy that interest.
Unfortunately, Daniel Yergin’s paper doorstop does not answer that fundamental question about oil prices. (That answer has something to do with oil being a global commodity. And also there are Oil Elves). Instead, The Prize positions itself as the history of the world from 1853 to 1991, told from the point of view of black gold, Texas tea, etc.
The slowest going comes at the beginning, during Part I, when Yergin details – at extensive length – the “founders” of the great oil companies (many of which exist today). This material is not inherently dramatic, but Yergin’s handling of it ensures that the narrative presents itself as more of a checklist of events than anything else. He jumps quickly from one place to the next, one person to the next, so that it all becomes something of a blur (a chronology in the back does help).
Moreover, The Prize has a sort of subject-myopia. It is so intent on touching on the highlights – Rockefeller forms Standard Oil; a gusher at Spindletop – that it never gets into all the other elements that make oil’s story worth telling (or, for that matter, give it context). Yergin never really explains how oil is discovered or recovered; how it evolved from a lighting source to a propulsion source; or the actual mechanics of how an oil company operates. To be sure, some of these topics are mentioned, but none are explored in a truly satisfactory way.
For instance, the Organization of Petroleum Exporting Companies (OPEC) dominate the later sections of the book. Yergin is sure to tell you every time OPEC did something that shook up world oil markets. However, he never gets into any true discussion of OPEC’s workings. That is, how and why OPEC was able to accomplish what they accomplished (and still accomplish). In other words, The Prize is about tell, not show. There were many times I sought a deeper, fuller understanding of this subject; instead, there was often only a recitation of facts.
The story does pick up pace further on. This uptick coincides with oil’s breakthrough as a fuel source for machinery. Yergin devotes four chapters to World War II, the epochal event that ushered in this sea-change. Especially effective is his look at the Pacific Theater, where the first great blunder was Japanese Admiral Yamamoto’s failure to destroy the oil fields near Pearl Harbor. Yergin’s insights into Japan’s desperate oil shortages has really deepened my understanding of the conflict. These shortages are mentioned – in passing – in every history of World War II. Fleeting references, however, fail to do the situation justice. Japan literally began the war with a timetable based on fuel stocks. When that timetable did not proceed apace, Japan’s ultimate defeat was a mathematical certainty. It forced Japan into numerous desperate measures that appeared fanatical, but which were dictated by oil logic.
(Chief among these measures were the kamikaze attacks. These suicide missions were exceedingly effective in terms of resource conservation, since planes only needed enough fuel for a one-way trip. Furthermore, fuel did not have to be expended to train these pilots, since all they needed to know was enough to get them off the ground and headed in the right direction).
The post-World War II years was the time when oil took its mantle as the leading natural resource. In Yergin’s phrase, it was the “age of the hydrocarbon man.” It is at this point, when a growing desire for oil butted up against a newly rearranged Middle East, that The Prize really hits its stride. The chapters on the Middle East cover all the flashpoints: the Suez Canal Crisis; the Yom Kippur War; the Iran-Iraq War; the fall of the Shah and the Iranian Revolution; and finally, Gulf War I, touched off by Saddam Hussein’s seizure of tiny, oil-rich Kuwait.
Not only are these international crises more interesting reading than earlier tales of wildcatting in Pennsylvania, but Yergin does a better job finding the human drama to accompany the inanimate central character. Interspersed between dry talk of concessions and OPEC and price controls, you get to meet fascinating people such as Mohammed Reza Shah Pahlevi, the Shah of Iran, T. Boone Pickens, the “wacky” billionaire, and J. Paul Getty, at one time the richest man in America:
As a young man, Getty was already launched on a life of wild romance and sexual adventure, with a special predilection for teenage girls. He married five times. But marriage vows were, for him, not even an inconvenience; to engage in some of his more clandestine affairs, he simply operated under a favored and not all that discreet alias, “Mr. Paul.” He liked to travel to Europe because it was less noticed that he was in “transit flagrante” with two or three women at a time. Yet the only true love of his life may have been a French woman, the wife of a Russian consul general in Asia Minor, with whom he had a passionate affair in Constantinople in 1913. He bade what he hoped was a temporary farewell to her on the dock at Istanbul, but then lost contact with her forever in the turmoil of war and revolution that followed. Even sixty years later, whereas he would discuss his five marriages almost technically, as if they were lawsuits, a mere mention of this lady, Madame Marguerite Tallasou, was enough to bring tears to his eyes.
It’s strange to think, but there are kids alive today, old enough to carry on conversations, who have never lived in a world in which America was not at war in the Middle East. We’re there, ostensibly, to fight terrorists. But if you follow the trail back into the past, you find we’re there for an entirely different reason. Among other things, terrorism is a response to the West’s continued (often heavy-handed) presence in the Middle East. That presence has included rampantly exploiting natural resources and propping up certain leaders – often to the detriment of their people – in order to create advantageous geopolitical stability. That stability is necessary to the uninterrupted flow of a very precious commodity.
In the end, the cliché that “it’s all about oil” is true. The Prize, despite what I found to be shortcomings, does a masterful job of explaining just how that happened. In that way, it succeeds in doing what all history books aspire to do: to show the direct link between the past and the present. Even though The Prize ends in 1991 (with a short update chapter), it clearly proves its thesis that oil – and all the struggles surrounding its discovery, acquisition, and distribution – created our modern world. For better and for worse.
July 15, 2007
Long, but soooooo good. Lots of people write books like How Soccer Explains the World, which you read and think, "That was cute, but soccer doesn't ACTUALLY explain the world." The thing is, to hear Yergin tell it, oil actually DOES explain the world, at least for the last 150 years, and I believe him. Extremely well researched and written, but also surprisingly lively and imbued with humor as well. Kudoes to Yergin for doing so well with a topic that's potentially so dry.
(It won the 1992 Pulitzer Prize, btw)
If you can carve out the time over a month or so to make your way all the way through the 800 pages, it's well worth it.
(It won the 1992 Pulitzer Prize, btw)
If you can carve out the time over a month or so to make your way all the way through the 800 pages, it's well worth it.
February 1, 2008
Be warned that Yergin is an apologist for Oil companies and doesn't have a critical word to say about capitalism in this 800 page plus book.
Nevertheless, I consider this a must read (I read it twice). First, Yergin writes like a journalist -- so the reading goes quickly and well.
More important, this is a comprehensive and thorough history of the commodity oil. When you review the history of the 20th century from the lens of oil, many things change and everything deepens. The chapters on WWII are spectacular. Yergin shows that much of the strategy of all sides was getting access to oil fields.
In addition this is the book that got me to take global warming seriously. Not that this was Yergin's intent.
Finally, there some good theoretical material here as well. The particularities of the commodity are grounded on the fact that right from the start of oil's history, the problem for capitalists is that there is too much oil! Yergin thus confirms over and over what Timothy Mitchell argues in his article "McJihad" -- that a glut of oil necessitates the creation of cartels that can reduce the quantity of oil on the world market. Only reduced quantities can sustain profits. (See A Century Of War: Anglo-American Oil Politics and the New World Order by F. William Engdahl, who argues that this is way the creation of OPEC was okayed by oil corporations and the US government.)
This can be a mind blowing read if you can filter out Yergin's glorification of oil capitalists -- as individuals and as a collectivity.
Ironically, Yergin does not argue for free markets because this would mean an oil glut, low oil prices, and limited profits for oil companies. What this teaches us is that corporations and their spokespersons are too smart to promote free market ideology in their plans and actions but smart enough to spout that as their rhetoric. Corporate socialism (that is what a cartel is, no?) for the super rich and free markets for the rest of us.)
In this sense, Yergin is the honest voice of oil corporations. He argues for the all the good oil companies create even if that means that they have to violate free market ideology.
Nevertheless, I consider this a must read (I read it twice). First, Yergin writes like a journalist -- so the reading goes quickly and well.
More important, this is a comprehensive and thorough history of the commodity oil. When you review the history of the 20th century from the lens of oil, many things change and everything deepens. The chapters on WWII are spectacular. Yergin shows that much of the strategy of all sides was getting access to oil fields.
In addition this is the book that got me to take global warming seriously. Not that this was Yergin's intent.
Finally, there some good theoretical material here as well. The particularities of the commodity are grounded on the fact that right from the start of oil's history, the problem for capitalists is that there is too much oil! Yergin thus confirms over and over what Timothy Mitchell argues in his article "McJihad" -- that a glut of oil necessitates the creation of cartels that can reduce the quantity of oil on the world market. Only reduced quantities can sustain profits. (See A Century Of War: Anglo-American Oil Politics and the New World Order by F. William Engdahl, who argues that this is way the creation of OPEC was okayed by oil corporations and the US government.)
This can be a mind blowing read if you can filter out Yergin's glorification of oil capitalists -- as individuals and as a collectivity.
Ironically, Yergin does not argue for free markets because this would mean an oil glut, low oil prices, and limited profits for oil companies. What this teaches us is that corporations and their spokespersons are too smart to promote free market ideology in their plans and actions but smart enough to spout that as their rhetoric. Corporate socialism (that is what a cartel is, no?) for the super rich and free markets for the rest of us.)
In this sense, Yergin is the honest voice of oil corporations. He argues for the all the good oil companies create even if that means that they have to violate free market ideology.
September 22, 2018
Really great history of the middle east and oil exports. It's so easy to forget how shocking the embargos and the price rises were in the US and how political the issue of oil became here. It's still the case that oil prices are indicators, but they've come under control. I wonder if the cost has been worth it. Sanctions on Iran, buddying up with the Saudis, endless war? Seems like American and Middle Eastern politics would be a lot less heated if we could all find a different way to run our machines.
September 16, 2018
An excellent and entertaining book on 150 years history of Oil and its impact on history.
July 5, 2011
Aaaand time. Take that, Prize. After a mere 2 full months, about 8 flights, and at least 2 pounds of lean muscle mass added from lifting this tome, I have finally taken down The Prize. Mr. Yergin, you are the definition of a worthy adversary, akin to the man in the black pajamas or the value menu at Jack in the Box.
The Prize is a book that, upon completion, made me feel completely ridiculous for ever having an opinion on anything (literally, anything) without this base collection of knowledge. We live in the Age of Oil and, as such, this history of oil becomes the history of the world as we know it. From the World Wars to the oil crisis to the constant flux of oil prices, Yergin dives into the truth behind this complex and critical phenomena in a way that is completely engaging and rife with amusing detail.
There is far too much information to summarize in a review, so I won't even attempt, but I will say that the first half of the book was the most entertaining. The explosion of oil exploration with the law-less, wildcatting passion of the fortune-seeking oil men was incredible to read about and contrast with the nationalized, highly bureaucratic oil industry today. Then to see this era capped by the World Wars and oil's scale-tipping effects was riveting in a patriotic way. At one point, I definitely started chanting "USA! USA!" under my breath in a Seattle restaurant. Happy Hour is dangerous.
The critical relationship between access to oil and national security (not to mention preservation of way of life) is a theme throughout The Prize. As I read on, I had an interesting thought. Back when the Iraq War (the most recent one) was at its controversial apex, I remember people screaming things along the lines of "this war is only about oil!" and things of that nature. I don't have any interest in getting into the question of whether or not that war was justified, but let's just say for a second that those people were right, and that war was about oil. Is that an inherently bad or immoral reason for a war? Oil is the key to our way of life. Revolutions and wars tend to happen when one group's way of life is threatened or restricted (in reality or simply perception) by another. I don't know the answer, but the thought was interesting.
It is a daunting task, without question, but I assure you this book is worth the time. If anyone does decide to pick it up, I recommend grabbing a copy with the updated epilogue, where Daniel Yergin discusses everything that's happened in the last 20 years. It's not as detailed as the rest of the book, but his insight is still appreciated. Good luck to you all. If you need me, I'll be at Jack in the Box...perhaps a more formidable adversary after all.
The Prize is a book that, upon completion, made me feel completely ridiculous for ever having an opinion on anything (literally, anything) without this base collection of knowledge. We live in the Age of Oil and, as such, this history of oil becomes the history of the world as we know it. From the World Wars to the oil crisis to the constant flux of oil prices, Yergin dives into the truth behind this complex and critical phenomena in a way that is completely engaging and rife with amusing detail.
There is far too much information to summarize in a review, so I won't even attempt, but I will say that the first half of the book was the most entertaining. The explosion of oil exploration with the law-less, wildcatting passion of the fortune-seeking oil men was incredible to read about and contrast with the nationalized, highly bureaucratic oil industry today. Then to see this era capped by the World Wars and oil's scale-tipping effects was riveting in a patriotic way. At one point, I definitely started chanting "USA! USA!" under my breath in a Seattle restaurant. Happy Hour is dangerous.
The critical relationship between access to oil and national security (not to mention preservation of way of life) is a theme throughout The Prize. As I read on, I had an interesting thought. Back when the Iraq War (the most recent one) was at its controversial apex, I remember people screaming things along the lines of "this war is only about oil!" and things of that nature. I don't have any interest in getting into the question of whether or not that war was justified, but let's just say for a second that those people were right, and that war was about oil. Is that an inherently bad or immoral reason for a war? Oil is the key to our way of life. Revolutions and wars tend to happen when one group's way of life is threatened or restricted (in reality or simply perception) by another. I don't know the answer, but the thought was interesting.
It is a daunting task, without question, but I assure you this book is worth the time. If anyone does decide to pick it up, I recommend grabbing a copy with the updated epilogue, where Daniel Yergin discusses everything that's happened in the last 20 years. It's not as detailed as the rest of the book, but his insight is still appreciated. Good luck to you all. If you need me, I'll be at Jack in the Box...perhaps a more formidable adversary after all.
April 6, 2020
I’ve been thinking of reading Mr. Yergin’s work since it was first published, though its length proved a mighty and consistent deterrent for nearly three decades. It is a long tug, that’s for sure. Mr. Yergin does a superb job with this history of the petroleum industry. I leave this work mindful of the randomness, the chaos in our world. Folks who were at the right place at the right time are today lionized, their names now adorn the entrances to buildings at coveted universities and are affixed to prestigious endowments and trusts; those at the wrong place at the right time, the right place at the wrong time, or the wrong place at the wrong time are …. Writing with the benefit of hindsight, there seems a logical flow, an orderliness to things, a reflection of Mr. Yergin’s craftsmanship. This is not how the future will present itself, I believe; rather, what lies ahead is very much uncertain.
One last note, as someone who knows little about petroleum science, I assumed the chemical origins of petroleum were now settled, proven; this appears not to be the case. Mr. Yergin writes in the endnotes, “By generally accepted theory, crude oil is the residue of organic waste – primarily microscopic plankton floating in seas, and also land plants – that accumulated at the bottom of oceans, lakes, and coastal areas.” “Generally accepted theory?” This reminded me of a meeting in my college days with Prof. Thomas Gold, interestingly a winner of the Royal Astronomical Society’s Gold Medal. It wasn’t that Prof. Gold happened to win the Gold Medal that I found memorable, though. No, Prof. Gold hypothesized that oil and natural gas owed their origins to abiogenic processes rather than the “generally accepted theory” that Mr. Yergin references. What became of Prof. Gold’s hypothesis?
One last note, as someone who knows little about petroleum science, I assumed the chemical origins of petroleum were now settled, proven; this appears not to be the case. Mr. Yergin writes in the endnotes, “By generally accepted theory, crude oil is the residue of organic waste – primarily microscopic plankton floating in seas, and also land plants – that accumulated at the bottom of oceans, lakes, and coastal areas.” “Generally accepted theory?” This reminded me of a meeting in my college days with Prof. Thomas Gold, interestingly a winner of the Royal Astronomical Society’s Gold Medal. It wasn’t that Prof. Gold happened to win the Gold Medal that I found memorable, though. No, Prof. Gold hypothesized that oil and natural gas owed their origins to abiogenic processes rather than the “generally accepted theory” that Mr. Yergin references. What became of Prof. Gold’s hypothesis?
December 11, 2014
750 pages of pretty dense prose, originating in Pennsylvania, spanning the globe (you'll come out knowing more than you did going in about venezuela, bahrain, and azerbaijan) and ending on the shiite plains of iraq's central euphrates region in 1991 (an epilogue addresses the period ending in the second gulf war, but is cursory at best). characters of all ethnicity and nomenclature enter, live for a few pages, and then exit, sometimes referred to again fifty pages later. switches from backroom industry intrigue to global strategic strategy to wildcat drillers from chapter to chapter.
most striking was the lesson yergin drills home: oil is a strategic asset, unlike most commodities, and thus governments can't ignore it. the american military is the strongest in the world, but it runs on oil. military operations require tremendous drawdowns of stocks, and the ability to move them. power projection, barring nuclear weapons, is limited by where one can deliver oil, and the bandwidth of that delivery. without oil, your nuclear-powered carriers can get somewhere, but your planes can't fly. your trucks can't move materials, your tanks can't roll, and your men are stuck walking. my conclusion: our operations in the middle east were most certainly about oil, but not about oil company profits as so often accused. if we don't invade iraq, and it keeps kuwait, and prices skyrocket as a result, oil companies pass those costs on and do just fine. it's the military that eats it. keeping oil prices at historic lows for a decade may well have offset the cost of the first gulf war (i have done no analysis), especially if a major military adventure had cropped up.
also interesting was the desire of governments, even net importers like the united states, to keep oil prices above some minimum. what is that minimum? the cost of producing economically effective domestic oil. otherwise, one's domestic exploration and production infrastructure goes to seed as more cheaply-produced foreign oil swamps the market. you need that domestic production to buffer yourself against sudden foreign supply problems, even if it means oil is more expensive on average.
towards the end, he got into how the futures markets allow further buffering and hedging, at least via displacement in time, but the treatment was at a very high level and didn't satisfy me.
small details, easy to miss, are deadpanned and hilarious. did you know saddam's maternal uncle and father-in-law (what) wrote a pamphlet entitled Three Whom God Should Not Have Created: Persians, Jews, and Flies? i didn't, and my life is better for knowing it now.
worth reading, but damn it was long.
most striking was the lesson yergin drills home: oil is a strategic asset, unlike most commodities, and thus governments can't ignore it. the american military is the strongest in the world, but it runs on oil. military operations require tremendous drawdowns of stocks, and the ability to move them. power projection, barring nuclear weapons, is limited by where one can deliver oil, and the bandwidth of that delivery. without oil, your nuclear-powered carriers can get somewhere, but your planes can't fly. your trucks can't move materials, your tanks can't roll, and your men are stuck walking. my conclusion: our operations in the middle east were most certainly about oil, but not about oil company profits as so often accused. if we don't invade iraq, and it keeps kuwait, and prices skyrocket as a result, oil companies pass those costs on and do just fine. it's the military that eats it. keeping oil prices at historic lows for a decade may well have offset the cost of the first gulf war (i have done no analysis), especially if a major military adventure had cropped up.
also interesting was the desire of governments, even net importers like the united states, to keep oil prices above some minimum. what is that minimum? the cost of producing economically effective domestic oil. otherwise, one's domestic exploration and production infrastructure goes to seed as more cheaply-produced foreign oil swamps the market. you need that domestic production to buffer yourself against sudden foreign supply problems, even if it means oil is more expensive on average.
towards the end, he got into how the futures markets allow further buffering and hedging, at least via displacement in time, but the treatment was at a very high level and didn't satisfy me.
small details, easy to miss, are deadpanned and hilarious. did you know saddam's maternal uncle and father-in-law (what) wrote a pamphlet entitled Three Whom God Should Not Have Created: Persians, Jews, and Flies? i didn't, and my life is better for knowing it now.
worth reading, but damn it was long.
August 22, 2024
Pretty much what it says on the cover - a documentation of the merciless quest by capitalists and countries to dominate the oil fields all around the world.
Did not bother to take notes because there is no way I could summarize this voluminous tome.
It's about as comprehensive as a book could get without ending up being a literal collection of transcripts and is filled with political & business intrigue.
And every page is fascinating - the greed, the ruthless, the breathtaking solipsism of men and nations when it comes to oil.
Reading this book also made a very, very enjoyable rewatch of the cult classic movie There Will Be Blood.
Did not bother to take notes because there is no way I could summarize this voluminous tome.
It's about as comprehensive as a book could get without ending up being a literal collection of transcripts and is filled with political & business intrigue.
And every page is fascinating - the greed, the ruthless, the breathtaking solipsism of men and nations when it comes to oil.
Reading this book also made a very, very enjoyable rewatch of the cult classic movie There Will Be Blood.
November 30, 2016
Neither of the novels I’m currently reading is really going anywhere, so I started reading a history of the oil industry instead. As I’d expected, it was totally riveting. I find the role of oil in economic, political, and environmental development fascinating, so clearly was predisposed to like it. The book sustained my interest, even when recounting the technicalities of oil company mergers, through the use of a high quality journalistic approach. Each chapter began with a character vignette of some key figure, before explaining the bigger strategic picture. Whenever this wider picture started to pall, a new personality was introduced and their important role explained with the help of amusing anecdotes. Such a structure worked beautifully to convey a complicated and lengthy history entertainingly, without sacrificing density and rigour.
The whole book was compelling, but I would single out for particular praise the chapters on the two World Wars and how the role of oil differed in each. Oil utterly transformed the nature of war and its availability did much to determine who won and who lost. I hadn’t previously realised, for instance, that Japan’s defeat in the Second World War was precipitated by total oil deprivation. Nor that in the Pearl Harbour attack the fuel stores of the US fleet were not destroyed - which would have placed America in a much more fragile position in the Pacific. Oil came to be equated with mobility in society generally, but the shift was more striking and sudden in conditions of war. The First World War was largely static and began at least with the expectation that movement of troops would be by horse or train. By contrast, the Second World War involved near-constant and massive movements of troops, materiel, and battle lines, all powered by oil.
The genesis and fractious history of OPEC was also very well-told and informative. I’d wanted to know more about the extent to which OPEC has, at various times, been able to set world oil prices. Yergin demonstrates that its power has waxed and waned, whilst the structure of the world oil industry has altered considerably in the second half of the twentieth century. In fact, the only quibble I really have with this book is that the edition I read was published in 1993 and there have been massive oil-related changes since then. For a start, prices. When this was published, the record peak price for a barrel of crude was around $40; in 2008 it exceeded $100. According to Bloomberg, today a barrel of Brent crude would cost you $113. I’d love to read Yergin’s analysis of the twenty-first century price increases, so will try and get hold of his later book The Quest: Energy, Security, and the Remaking of the Modern World. That should also include more detail on the environmental aspects of oil dependence, which this book only touches on briefly. Really, you have to be impressed with a densely printed 800 page non-fiction book that not only holds your attention but leaves you wanting more.
The whole book was compelling, but I would single out for particular praise the chapters on the two World Wars and how the role of oil differed in each. Oil utterly transformed the nature of war and its availability did much to determine who won and who lost. I hadn’t previously realised, for instance, that Japan’s defeat in the Second World War was precipitated by total oil deprivation. Nor that in the Pearl Harbour attack the fuel stores of the US fleet were not destroyed - which would have placed America in a much more fragile position in the Pacific. Oil came to be equated with mobility in society generally, but the shift was more striking and sudden in conditions of war. The First World War was largely static and began at least with the expectation that movement of troops would be by horse or train. By contrast, the Second World War involved near-constant and massive movements of troops, materiel, and battle lines, all powered by oil.
The genesis and fractious history of OPEC was also very well-told and informative. I’d wanted to know more about the extent to which OPEC has, at various times, been able to set world oil prices. Yergin demonstrates that its power has waxed and waned, whilst the structure of the world oil industry has altered considerably in the second half of the twentieth century. In fact, the only quibble I really have with this book is that the edition I read was published in 1993 and there have been massive oil-related changes since then. For a start, prices. When this was published, the record peak price for a barrel of crude was around $40; in 2008 it exceeded $100. According to Bloomberg, today a barrel of Brent crude would cost you $113. I’d love to read Yergin’s analysis of the twenty-first century price increases, so will try and get hold of his later book The Quest: Energy, Security, and the Remaking of the Modern World. That should also include more detail on the environmental aspects of oil dependence, which this book only touches on briefly. Really, you have to be impressed with a densely printed 800 page non-fiction book that not only holds your attention but leaves you wanting more.
June 4, 2018
The title is a little misleading, as this is not a book about an epic quest for oil itself, but rather a description of the oil price and what caused the fluctuations. It also gives some insight in the way how the relation between the imperial powers and the oil producing nations changed during time. From having no say about their oil to actually owning the oil revenues and penetrating the Western markets higher and higher up the supply chain. Although the book is outdated (it ends with the first Gulf War) I gained some valuable insights.
September 26, 2024
(3.5)So this is a long 763pgs…not bc the book isn’t written well or does a strong job of taking what could be a boring subject and giving it some engaging spin…but bc it’s just a long 763 pages
So as a fan of Rockefeller, read Chernow’s great book, I had the realization of how lucky the man was…he cornered the market in kerosene only to have the volatile liquid become necessary for the advent of combustion engines….
…one might monopolize maple syrup only for fate to make that liquid integral for a functioning internet…
Other apercus, I had long thought that the Japanese plan to hit Pearl Harbor and then assimilate East Asia failed bc the nipppn empire simply couldn’t bring those assets into play in WW2…that was wrong…American subs sunk a huge percentage of Japanese tonnage during the war…
Finally, the book inspired me to read books on the Yom Kippur war, Kissinger, Sadat, and the Iran Iraq War…
So as a fan of Rockefeller, read Chernow’s great book, I had the realization of how lucky the man was…he cornered the market in kerosene only to have the volatile liquid become necessary for the advent of combustion engines….
…one might monopolize maple syrup only for fate to make that liquid integral for a functioning internet…
Other apercus, I had long thought that the Japanese plan to hit Pearl Harbor and then assimilate East Asia failed bc the nipppn empire simply couldn’t bring those assets into play in WW2…that was wrong…American subs sunk a huge percentage of Japanese tonnage during the war…
Finally, the book inspired me to read books on the Yom Kippur war, Kissinger, Sadat, and the Iran Iraq War…
October 2, 2014
This sweeping history of oil takes us from the first strike in Pennsylvania in 1859 to the Gulf War in 1990. Along the way we encounter personalities from John D. Rockefeller to George H. W. Bush, companies from Standard Oil to T. Boone Pickens’ Mesa Petroleum, booms and panics from Titusville Pa and Spindletop Texas to the global energy crises of the 1970’s and 90’s. If at times the detail is a bit overwhelming, it is highly instructive portraying the dynamics of oil’s impact on global economics and politics with particular attention to the Middle East and consistently reactive US policy.
Oil was a critical factor in both world wars. Running out of oil undermined the German army in 1918. A major reason Japan attacked Pearl Harbor was to secure access to oil in the Dutch East Indies. Trying to seize oil in the Caucasus led Hitler to split his army invading Russia setting up Germany’s momentum changing defeat at Stalingrad. Oil availability helped decide the fate of US presidents. Carter could never overcome the negative impact of the energy crisis of 1979 and conversely Reagan was gifted with a huge economic tailwind from dramatically lower oil prices.
Nowhere more than the Middle East did oil determine the destiny of nations and the world. The quest for oil money and power unleashed centuries of hatred between Arab sects, between Arabs and Persians, and of both Arabs and Persians for the West. The resultant conflicts had profound effects on the world political and economic order and in today’s nuclear and highly interdependent age oil financed wars and terrorism have become even more significant. Detailing how we have arrived at this point, The Prize provides excellent background and a useful perspective for current events.
Oil was a critical factor in both world wars. Running out of oil undermined the German army in 1918. A major reason Japan attacked Pearl Harbor was to secure access to oil in the Dutch East Indies. Trying to seize oil in the Caucasus led Hitler to split his army invading Russia setting up Germany’s momentum changing defeat at Stalingrad. Oil availability helped decide the fate of US presidents. Carter could never overcome the negative impact of the energy crisis of 1979 and conversely Reagan was gifted with a huge economic tailwind from dramatically lower oil prices.
Nowhere more than the Middle East did oil determine the destiny of nations and the world. The quest for oil money and power unleashed centuries of hatred between Arab sects, between Arabs and Persians, and of both Arabs and Persians for the West. The resultant conflicts had profound effects on the world political and economic order and in today’s nuclear and highly interdependent age oil financed wars and terrorism have become even more significant. Detailing how we have arrived at this point, The Prize provides excellent background and a useful perspective for current events.
March 5, 2017
As a history and energy enthusiast I simply adored this mammoth of a book (warning: this book is both huge and has small print. If this intimidates you stear clear because each page is chock full of fascinating and detailed knowledge and stories). What I particulalry liked about it was the level of detail Yergin went into explaining the dyanmics of the oil market thorughout its existence, the major players that moved those markets, and the reasons behind why they made the decisions they did. It was truly illuminating how just a few key decisions (such as how property rights for oil reserves were determined) altered the course of not just the oil industry, but the entire world.
The story of oil is the story of the 20th centruty, for better or for worse, and this book does a stupendous job bringing this story to life and making it accessible to the general public. You will get a new perspective on historic events and a better understanding of how we got in the situation we are currently in regarding the oil majors, OPEC, and geopolitical calculations that go into foriegn policy.
So, long story short, if you love history and knowing why things turned out the way they did, this book is for you.
The story of oil is the story of the 20th centruty, for better or for worse, and this book does a stupendous job bringing this story to life and making it accessible to the general public. You will get a new perspective on historic events and a better understanding of how we got in the situation we are currently in regarding the oil majors, OPEC, and geopolitical calculations that go into foriegn policy.
So, long story short, if you love history and knowing why things turned out the way they did, this book is for you.
March 11, 2019
The idea of reading nearly 800 pages about oil might sound daunting and perhaps even boring but this is a history of the world over the past 150 years. All the major events up to our present time have centered around oil. It's such a part of life and so taken for granted that this fact is easy to forget. If we didn't have oil we would have nothing of modernity for good or bad. Yergin focuses on the bigger picture of the history of civilization and how it all ties together around oil. Forget his economics and politics which are obviously supportive of the oil industry - this is an extremely accomplished history book and provides an overview that everyone should understand.
January 12, 2021
This book is 200 years of current events as told by oil. It really is that ambitious. The sheer scale of Yergin's endeavor means that he must move along—whole theaters of war are covered in only a handful of pages, for example. That constant change in subject matter makes it difficult to settle into a flow of reading. It's start-and-stop, constantly adjusting to a new frame, as a new storyline begins every few pages. Still, they're good stories. I had a lot of fun picking my way through.
November 21, 2020
Чудова книжка, але не 5 зірок, бо 1) є менш цікаві частини, за рахунок яких можна було б вкоротити текст хоча б сторінок на 100, і 2) у виданні 2009 року тільки короткий епілог про події після 1991 року, тобто книга трохи застаріла.
August 29, 2016
The measure of success of any democratically elected government in India for a common citizen does not hinge on developmental plans, economic indicators or the advances in diplomacy. It dwells almost singly on the price of a single commodity : oil, the fluctuations of which can wreak havoc on the fiscal management of an average Indian household. Time and again, history has proved that many a voter comes to a conclusion on who to vote for by taking a look at their stance on the price of oil. As an interesting aside, consider this - the title of a book by Neil MacGregor was ‘The history of the world in 100 objects’ but this can very well be reapplied to Daniel Yergin’s book as ‘The history of the world in 1 object – Oil’. Starting from the 1800’s and ending post Operation Desert Storm, this book is a sweeping epic about the one single commodity which can literally bring the world to a standstill if choked off.
The initial stages in the life of oil were neither interesting nor earth shattering. From a rather tiny whimper in the American wilderness, oil soon gained momentum and roared into the minds of the public with the advent of motorized transportation. In these first stages, oil did not acquire the position of global significance but the balance slowly started shifting in its favour following WWI. The best parts of this book are the chapters on WWII and how much the war was really about control over oil. Behind the larger than life figures and the frenzied battles, whoever had control over fuel for the vehicles was the one who won the war. The most hard hitting parts of the narrative are the struggles Japan had to go through as their fuel supplies ran out and George Patton’s unforgiving minute during the final offensive on Germany. The only description for the chapter on WWII would be to call it splendid. The slow evolution of oil into a global power centre was also the time of the decline and the fall of the British Empire. Into the vacuum stepped in the Americans and the USSR and here was also when the first prospects of oil came into being in the middle east. The world order has since then undergone a lot of breaking and remoulding with oil remaining the one bargaining chip, incentive and choke hold all rolled into one which the middle east has wielded time and again. If we go by Yergin’s narrative then we also see oil’s evolution in roughly the below format :
•Do we really need it ? – Stage 1
•Look at all the money Rockefeller is making – Stage 2
•He cannot have all this money alone, bring him down and let us on the bandwagon too – Stage 3
•WAR ! – Stage 4
•WAR ? again ? Oh and while we are at it, goodbye British Empire – Stage 4
•Hello Saudi and Kuwait and Iran and Iraq and Libya and Algeria and Nigeria and…. – Stage 5
•Arab Nations : What is Israel doing here and are you helping them ? huh ? / America : Ummmm…well – Stage 6
•Ohhhh look at all the price rises in Oil ! ( We are rich : Oil producers and exporters / We are screwed : Western Governments) – Stage 7
•Let’s form an old boys club : Petroleum Exporting Nations – Stage 8
•The Shah or the Ayatollah ? – Stage 9 &
•Let’s catch Saddam Hussein – Stage 10
While the book has excellent content in terms of understanding the history of oil, the tone is unmistakably capitalistic. Barring a few notes here and there, Yergin does not criticize the oil majors ( read Exxon, Chevron, Texaco, Mobil, BP and Shell). The view point is mostly from the lofty heights of the corporate board rooms or the hallowed halls of policy making. Yergin also adopts a storytelling which has a very readable and journalistic touch wherein the focus is more on the individuals surrounding the oil than the other way around. Another interesting thing is that the entire history of oil is a history of men. Barring Ida Tarbell and Margaret Thatcher, there is not even a single woman in the entire 1000 page narrative.
Alternate and more viable fuels might come up in the future but until then : [..]..ours is a civilization that has been transformed by the modern and mesmerizing alchemy of petroleum. This is what has made it the age of oil.
Highly recommended but be warned that this book will be a huge investment of your time and effort and it is also unabashedly capitalistic !
Note : I must say that it failed to answer my most important question : Why do oil prices still keep rising even when the price of crude oil goes down ?
The initial stages in the life of oil were neither interesting nor earth shattering. From a rather tiny whimper in the American wilderness, oil soon gained momentum and roared into the minds of the public with the advent of motorized transportation. In these first stages, oil did not acquire the position of global significance but the balance slowly started shifting in its favour following WWI. The best parts of this book are the chapters on WWII and how much the war was really about control over oil. Behind the larger than life figures and the frenzied battles, whoever had control over fuel for the vehicles was the one who won the war. The most hard hitting parts of the narrative are the struggles Japan had to go through as their fuel supplies ran out and George Patton’s unforgiving minute during the final offensive on Germany. The only description for the chapter on WWII would be to call it splendid. The slow evolution of oil into a global power centre was also the time of the decline and the fall of the British Empire. Into the vacuum stepped in the Americans and the USSR and here was also when the first prospects of oil came into being in the middle east. The world order has since then undergone a lot of breaking and remoulding with oil remaining the one bargaining chip, incentive and choke hold all rolled into one which the middle east has wielded time and again. If we go by Yergin’s narrative then we also see oil’s evolution in roughly the below format :
•Do we really need it ? – Stage 1
•Look at all the money Rockefeller is making – Stage 2
•He cannot have all this money alone, bring him down and let us on the bandwagon too – Stage 3
•WAR ! – Stage 4
•WAR ? again ? Oh and while we are at it, goodbye British Empire – Stage 4
•Hello Saudi and Kuwait and Iran and Iraq and Libya and Algeria and Nigeria and…. – Stage 5
•Arab Nations : What is Israel doing here and are you helping them ? huh ? / America : Ummmm…well – Stage 6
•Ohhhh look at all the price rises in Oil ! ( We are rich : Oil producers and exporters / We are screwed : Western Governments) – Stage 7
•Let’s form an old boys club : Petroleum Exporting Nations – Stage 8
•The Shah or the Ayatollah ? – Stage 9 &
•Let’s catch Saddam Hussein – Stage 10
While the book has excellent content in terms of understanding the history of oil, the tone is unmistakably capitalistic. Barring a few notes here and there, Yergin does not criticize the oil majors ( read Exxon, Chevron, Texaco, Mobil, BP and Shell). The view point is mostly from the lofty heights of the corporate board rooms or the hallowed halls of policy making. Yergin also adopts a storytelling which has a very readable and journalistic touch wherein the focus is more on the individuals surrounding the oil than the other way around. Another interesting thing is that the entire history of oil is a history of men. Barring Ida Tarbell and Margaret Thatcher, there is not even a single woman in the entire 1000 page narrative.
Alternate and more viable fuels might come up in the future but until then : [..]..ours is a civilization that has been transformed by the modern and mesmerizing alchemy of petroleum. This is what has made it the age of oil.
Highly recommended but be warned that this book will be a huge investment of your time and effort and it is also unabashedly capitalistic !
Note : I must say that it failed to answer my most important question : Why do oil prices still keep rising even when the price of crude oil goes down ?
September 19, 2018
Поистине монументальный труд о том, как нефть и другие углеводороды изменили мир вокруг нас.
Может прозвучать слишком громко, но это действительно очень важная книга для понимания того, как устроен современный мир.
По сути, это учебник истории последних 150 лет, но написанный через призму использования одного товара. «Особого товара». Товара, который может многократно увеличить доход страны, изменить общество, привести к революции. Ну или раньше мог.
В книге практически не освещена прикладная сторона вопроса добычи: какие именно буры использовали для тех или иных работ и что такое крекинг нефти рассказывается вскользь. Как и любая история про продукт, это история в первую очередь про людей: от Рокфеллера и полковника Дрейка до Джорджа Буша и Ахмеда Ямани.
Произведение ловко лавирует между жанрами. Сначала это приключенческий роман о заре индустрии: первые пионеры забираются к черту на рога, тратят последние деньги и уже собираются на все плюнуть, но последняя скважина, пробуренная просто потому что за оборудование уже заплатили, обязательно дает нефть. В конце же — политический триллер, в котором Ямани обещает “утопить рынок в нефти”.
Не обошлось и без историй о войнах, на которые прошлое столетие было богато: переход британского флота на мазут в преддверии первой мировой войны; Ромель, которому не хватило бензина, чтобы выбить войска союзников из Африки; Япония, пытающаяся усидеть на двух стульях: импорт нефти из США и захват соседних государств и так далее.
Конечно, книга не идеальна. Автор — американец и, кажется, большой патриот своей страны. В этом нет ничего плохого и во всей истории с нефтью Америка занимает, центральную роль, но все же иногда чувствуется, что Ергин гораздо больше симпатизирует американскому взгляду на вещи.
Например, в переговорах с Иранским правительством, после первого изгнания шаха, чуть ли не прямым текстом говорится, что Британия просто обижена на национализацию своей компании и потому не ведет себя адекватно ситуации. В то же время мудрые американские лидеры понимают как надо действовать, чтобы всем стало лучше: впустить американские компании в Иранскую концессию.
Нефтедобыче на Аляске уделено сильно больше внимания, чем Северному Морю, а Франко-Алжирские нефтяные отношения упоминаются мимолетом. Советскому Союзу в книге отведено совсем мало места, но это можно понять: книга вышла 1990 году, когда это государство еще существовало и было довольно закрытым для изучения, хоть Берлинскую Стену уже и снесли.
Несмотря на эти мелкие особенности, книга позволяет понять и оценить как изменился наш мир за последние полторы сотни лет, а также лучше понять работу рынка как такового. В работе нефтяных компаний можно провести очень много параллелей с историей IT-компаний, потеснивших Exxon и Chevron в списке самых дорогих корпораций в мире: такие же молодые энтузиасты, выезжающие на упертости, деловой хватке и везении превращают маленькое дело в гигантские корпорации. К тому же, несмотря на развитие культуры энергосбережения и популярность Теслы, нам все еще сложно представить нашу жизнь не залитой до краев углеводородами.
Может прозвучать слишком громко, но это действительно очень важная книга для понимания того, как устроен современный мир.
По сути, это учебник истории последних 150 лет, но написанный через призму использования одного товара. «Особого товара». Товара, который может многократно увеличить доход страны, изменить общество, привести к революции. Ну или раньше мог.
В книге практически не освещена прикладная сторона вопроса добычи: какие именно буры использовали для тех или иных работ и что такое крекинг нефти рассказывается вскользь. Как и любая история про продукт, это история в первую очередь про людей: от Рокфеллера и полковника Дрейка до Джорджа Буша и Ахмеда Ямани.
Произведение ловко лавирует между жанрами. Сначала это приключенческий роман о заре индустрии: первые пионеры забираются к черту на рога, тратят последние деньги и уже собираются на все плюнуть, но последняя скважина, пробуренная просто потому что за оборудование уже заплатили, обязательно дает нефть. В конце же — политический триллер, в котором Ямани обещает “утопить рынок в нефти”.
Не обошлось и без историй о войнах, на которые прошлое столетие было богато: переход британского флота на мазут в преддверии первой мировой войны; Ромель, которому не хватило бензина, чтобы выбить войска союзников из Африки; Япония, пытающаяся усидеть на двух стульях: импорт нефти из США и захват соседних государств и так далее.
Конечно, книга не идеальна. Автор — американец и, кажется, большой патриот своей страны. В этом нет ничего плохого и во всей истории с нефтью Америка занимает, центральную роль, но все же иногда чувствуется, что Ергин гораздо больше симпатизирует американскому взгляду на вещи.
Например, в переговорах с Иранским правительством, после первого изгнания шаха, чуть ли не прямым текстом говорится, что Британия просто обижена на национализацию своей компании и потому не ведет себя адекватно ситуации. В то же время мудрые американские лидеры понимают как надо действовать, чтобы всем стало лучше: впустить американские компании в Иранскую концессию.
Нефтедобыче на Аляске уделено сильно больше внимания, чем Северному Морю, а Франко-Алжирские нефтяные отношения упоминаются мимолетом. Советскому Союзу в книге отведено совсем мало места, но это можно понять: книга вышла 1990 году, когда это государство еще существовало и было довольно закрытым для изучения, хоть Берлинскую Стену уже и снесли.
Несмотря на эти мелкие особенности, книга позволяет понять и оценить как изменился наш мир за последние полторы сотни лет, а также лучше понять работу рынка как такового. В работе нефтяных компаний можно провести очень много параллелей с историей IT-компаний, потеснивших Exxon и Chevron в списке самых дорогих корпораций в мире: такие же молодые энтузиасты, выезжающие на упертости, деловой хватке и везении превращают маленькое дело в гигантские корпорации. К тому же, несмотря на развитие культуры энергосбережения и популярность Теслы, нам все еще сложно представить нашу жизнь не залитой до краев углеводородами.
April 12, 2020
Knocked the bastard off. The Prize is a tour de force on the history of oil from the 1850s in Pennsylvania through until the Gulf War in 1991. A Pulitzer winner for non-fiction, the book is undoubtedly well researched and written. However, as with many books on this list, The Prize is defined by its length and density. The upside is that the book is split into five sections which can actually be read in isolation (e.g. if you just wanted to understand the role of oil in WWII). This website has great synopses of each chapter, which effectively lays the whole book out:
http://www-personal.umich.edu/~twod/o...
Oil provides an interesting lens through which to view history since the Industrial Revolution. It tracks the growth of capitalism with tycoons like John D Rockefeller, the strategic importance of energy resources throughout the two world wars, and the Cold War driven geopolitics of the US in the Middle East post WWII. The economics of oil also make it a fascinating commodity. Oil prices are closely tied to inflation and are consistently extremely volatile (prices have more than halved in the past two months of writing this review).
One downside of the book is the only brief mention of environmentalism. Oil production and use has been a significant contributor to climate change. Despite being released in 1991, environmental impacts deserve more coverage, especially given the length of the book.
The Prize ultimately achieves what it sets out to do - give a comprehensive modern history of oil. I would not recommend this book for everyone, but if the topic interests you this is a solid start. 4 stars.
http://www-personal.umich.edu/~twod/o...
Oil provides an interesting lens through which to view history since the Industrial Revolution. It tracks the growth of capitalism with tycoons like John D Rockefeller, the strategic importance of energy resources throughout the two world wars, and the Cold War driven geopolitics of the US in the Middle East post WWII. The economics of oil also make it a fascinating commodity. Oil prices are closely tied to inflation and are consistently extremely volatile (prices have more than halved in the past two months of writing this review).
One downside of the book is the only brief mention of environmentalism. Oil production and use has been a significant contributor to climate change. Despite being released in 1991, environmental impacts deserve more coverage, especially given the length of the book.
The Prize ultimately achieves what it sets out to do - give a comprehensive modern history of oil. I would not recommend this book for everyone, but if the topic interests you this is a solid start. 4 stars.
September 4, 2017
I enjoyed this book a great deal but I think I respect it even more.
Yergin presents an exhaustive historical, economic and political epic about oil and the people, companies and countries that had significant roles in its development and policies. The writing is clear and approachable and occasionally funny. (I read the kindle version and highlighted many long passages. All of those highlights are publicly available.) (The stinginess of J. Paul Getty was particularly interesting and funny.)
The book is mainly focused on the commodity itself and does not get into technical details about refining, discovering or extracting oil. The main characters you'd expect to see are there (except the Koch brothers who are completely absent, very little is said about refining) and lots of characters you've probably never heard of make important appearances as well.
The Prize is composed of five main sections. I read a different book between each section as it was a little too much for me to handle at once; that strategy worked well for me. The book is about the economic and political intertwining of oil in the modern world, if you don't think that's worth reading about then this is a book to avoid. If it's a subject you'd like to explore then this should be on your must-read list.
Yergin presents an exhaustive historical, economic and political epic about oil and the people, companies and countries that had significant roles in its development and policies. The writing is clear and approachable and occasionally funny. (I read the kindle version and highlighted many long passages. All of those highlights are publicly available.) (The stinginess of J. Paul Getty was particularly interesting and funny.)
The book is mainly focused on the commodity itself and does not get into technical details about refining, discovering or extracting oil. The main characters you'd expect to see are there (except the Koch brothers who are completely absent, very little is said about refining) and lots of characters you've probably never heard of make important appearances as well.
The Prize is composed of five main sections. I read a different book between each section as it was a little too much for me to handle at once; that strategy worked well for me. The book is about the economic and political intertwining of oil in the modern world, if you don't think that's worth reading about then this is a book to avoid. If it's a subject you'd like to explore then this should be on your must-read list.
December 13, 2019
This is the Biography of Oil.
This book should be in the reading list of every one who is interested in Politics or Business or History.
You will get detailed insights regarding the following points :-
- How oil was discovered ? Who were the men behind the discovery of Oil ?
- How were all major oil fields discovered ?
- How did all the top Oil Companies come into existence = Standard Oil, Exxon, Mobil, Aramco, Shell, Royal Dutch, etc. ?
- Who was Mr 5% ?
- How and Why Oil defined the course of World War 1, World War 2 ?
- How is Germany's Concentration Camp related to Synthetic Oil production ?
- What is Teapot Dome Scandal ?
- Who was the brain behind the creation of Oil Tankers ?
- History of OPEC ?
- The Suez Crisis right after India's Independence
- Oil Embargo on 1970s
- Iran Iraq War of 1980s
- Iraq Kuwait War
- How was Saudi Arabia formed ?
- Formation of "International Energy Agency"
- How did Taxi Cabs save Paris from Germany's advance in World War 1 ?
- How did the Red Line Agreement come into existence ?
This book should be in the reading list of every one who is interested in Politics or Business or History.
You will get detailed insights regarding the following points :-
- How oil was discovered ? Who were the men behind the discovery of Oil ?
- How were all major oil fields discovered ?
- How did all the top Oil Companies come into existence = Standard Oil, Exxon, Mobil, Aramco, Shell, Royal Dutch, etc. ?
- Who was Mr 5% ?
- How and Why Oil defined the course of World War 1, World War 2 ?
- How is Germany's Concentration Camp related to Synthetic Oil production ?
- What is Teapot Dome Scandal ?
- Who was the brain behind the creation of Oil Tankers ?
- History of OPEC ?
- The Suez Crisis right after India's Independence
- Oil Embargo on 1970s
- Iran Iraq War of 1980s
- Iraq Kuwait War
- How was Saudi Arabia formed ?
- Formation of "International Energy Agency"
- How did Taxi Cabs save Paris from Germany's advance in World War 1 ?
- How did the Red Line Agreement come into existence ?
January 21, 2020
One of the top ten books I've ever read! (right up there with Making of the Atomic Bomb by Rhodes).
It gives a sweeping history of the oil industry, great biographical vignettes of hundreds of the main figures and the business and nation competitions that ensued.
Oil is a high-risk, high-reward activity with intrigue, daring, luck, and violence. One of the most lasting takeaways for me was the context it gives to infrastructure and brands (like all the major gasoline companies I'm familiar with) that I had always had just treated as unchanging bureaucratic behemoths. Now, Royal Dutch Shell, BP, Exxon, Chevron, Arco and other names have gripping stories and personalities associated with them.
On a larger scale, the economic and geopolitical pressures of WWII, the Suez crisis, the two Arab-Israeli conflicts, the Iran-Iraq war, and the first Gulf war were all well explained and embedded in a detailed context. As with the Empire of Cotton which was a biography of a global commodity, this too is a biography of a singularly important commodity. And, my favorite way of learning history is through biography. On the whole, this book gave me a new framework to understand the workings of the whole world. Pretty good for one book!
It gives a sweeping history of the oil industry, great biographical vignettes of hundreds of the main figures and the business and nation competitions that ensued.
Oil is a high-risk, high-reward activity with intrigue, daring, luck, and violence. One of the most lasting takeaways for me was the context it gives to infrastructure and brands (like all the major gasoline companies I'm familiar with) that I had always had just treated as unchanging bureaucratic behemoths. Now, Royal Dutch Shell, BP, Exxon, Chevron, Arco and other names have gripping stories and personalities associated with them.
On a larger scale, the economic and geopolitical pressures of WWII, the Suez crisis, the two Arab-Israeli conflicts, the Iran-Iraq war, and the first Gulf war were all well explained and embedded in a detailed context. As with the Empire of Cotton which was a biography of a global commodity, this too is a biography of a singularly important commodity. And, my favorite way of learning history is through biography. On the whole, this book gave me a new framework to understand the workings of the whole world. Pretty good for one book!
April 26, 2023
Аж якось сумно закінчувати цю довжелезну подорож, це дуже цікава книга. Я записала десятки голосових повідомлень з переказом деяких розділів книги, що особливо мене вразили, своїм друзям (так-так, такі собі приватні подкасти). Ця книга справді цікава як історичний екскурс в нафтову галузь, в глобальну економіку, в історію країн Перської затоки та і світу загалом. Скільки разів я, читаючи, вигукувала: "Не може бути!". Зовсім не шкодую, що прочитала, побільше б таких книг траплялось на шляху.
April 21, 2018
A history of Oil, right from its greasy beginnings. Yergin slides through the years and explains how Oil truly oozed its way in to more than a few international conflicts and around more than a few slimy characters. It'll make you think twice before you fill up your car next time.
Actually, no. No it won't.
That just felt like the thing to say.
I regret nothing. Also for what it's worth the book was made into a documentary that feels like it was made in the 1980's. Yes, I watched it alongside reading the book. No I don't have issues.
Yergin did a very solid job on this one. Good informative read.
Actually, no. No it won't.
That just felt like the thing to say.
I regret nothing. Also for what it's worth the book was made into a documentary that feels like it was made in the 1980's. Yes, I watched it alongside reading the book. No I don't have issues.
Yergin did a very solid job on this one. Good informative read.
March 1, 2025
February: Big Bopper #2 of 12
It's one of those things, when you battle through something really long, your mind tries to convince you it was great because the alternative is that you recognise you've just wasted countless hours learning how many millions of barrels of oil Iran produced in February of 1979.
That's a trick. The Shah was deposed in February 1979. Iran produced little to nothing in February, instead it was the beginning of the Oil Crisis. I know that stuff now. I also know a lot more about Jimmy Carter and his actual work as President. I can now place Anwar Saddat, and Ahmed Zaki Yamani
And Yergin has passages like that of really strong wordplay, but he also has some interminably boring sections. There's definitely some zingers. Like this from a Soviet Minister.
But frankly reading this book feels like you're fracking it for those highlights. It's a comprehensive work which has seemingly made Yergin's career but it's also strange. It is about Oil but it's also not really about oil. It's more about what the subtitle says "The Epic Quest for Oil, Money & Power". It's about the battle for the prize, rather than the prize itself. Which I guess makes sense. I was trying to figure out why it was so similar to Richard Rhodes' The Making of the Atomic Bomb but nowhere near as good. I think it's got to do with the nature of the two topics.
The Prize is about the business of oil, about the Rockerfeller's, Getty's, and Saudi's making great piles of money selling their black gold. While Rhodes' book is about the golden age of science, the Fermi's, Teller's, and Oppenheimer's, working together to defeat the greatest evil the world's ever seen. The business of beating bad guys.
Unsurprisingly, some of the best chapters of The Prize are the war chapters, where the constant squabbling between nations and companies turns into a collaborative effort to win the great wars. And the focus also moves from the business of oil to the effects of it. Yergin makes a compelling case that a shortage of oil in WWII was the undoing of the Japanese and also the targeting of German synthetic oil plants was a major turning point in the European theatre. For example we learn that the first Kamikaze attack didn't happen until late October, 1944.
There's plenty of other fascinating parts to this book and it presents a very rational business-driven view of how the Middle East came to exist as it does today. The anti-semitism by the Arab nations is palpable from way back, which reminds me again how impossible peace in Gaza and the wider Middle East seems. There's just so much deep, centuries old, embedded hatred.
I'm not sure who I'd recommend this to. If you worked in the oil industry, this would be required reading, pretty much the bible. But I really wish there was more science, more about oil itself and the breakthroughs needed to make it one of the prime movers of the global economy.
One other thing that slightly annoyed me with Yergin's approach was that he'd build up these big crises and then they'd fizzle out. Every single one was bathetic. On top of that, certain people with powerful predictions and ominous warnings live to see their prophecies come true but then never get their time in the sun for being right. There's also these constant struggles where sides that were wronged finally get their pound of flesh but there's never any gleeful vengance in it. It's always a damp squib. For example the Saudis keep telling OPEC they've got to drop their prices and their output or there's going to be a global failure. The Saudis even agree to play swing producer to help avert the crisis. Eventually it all falls apart. The world enters a global depression. But the Saudis never say "we told you so!" and make the other countries grovel to them, arguably they kind of end up back where they started and the cycle repeats. It's most probably because nation states aren't as petty as I am, although some of them certainly are. But definitely at times it felt like Yergin wouldn't give those who were right their credit, or at least the opportunity to say I told you so!
The final part that I wish had been improved was the NEW epilogue that my copy had. We've gone through the rest of the book about a chapter per year, and then suddenly from 1990 to 2010 happens in about 5 pages. At times this book soars but most of the time it feels like nothing more than a bunch of small biographies strung together.
Now for some sweet, sweet fiction.
It's one of those things, when you battle through something really long, your mind tries to convince you it was great because the alternative is that you recognise you've just wasted countless hours learning how many millions of barrels of oil Iran produced in February of 1979.
That's a trick. The Shah was deposed in February 1979. Iran produced little to nothing in February, instead it was the beginning of the Oil Crisis. I know that stuff now. I also know a lot more about Jimmy Carter and his actual work as President. I can now place Anwar Saddat, and Ahmed Zaki Yamani
"barred by birth from the political leadership reserved for princes and by talent from an ordinary existence...".
And Yergin has passages like that of really strong wordplay, but he also has some interminably boring sections. There's definitely some zingers. Like this from a Soviet Minister.
"The Soviet Union is not a Third World Country. We are not a producer of bananas."
But frankly reading this book feels like you're fracking it for those highlights. It's a comprehensive work which has seemingly made Yergin's career but it's also strange. It is about Oil but it's also not really about oil. It's more about what the subtitle says "The Epic Quest for Oil, Money & Power". It's about the battle for the prize, rather than the prize itself. Which I guess makes sense. I was trying to figure out why it was so similar to Richard Rhodes' The Making of the Atomic Bomb but nowhere near as good. I think it's got to do with the nature of the two topics.
The Prize is about the business of oil, about the Rockerfeller's, Getty's, and Saudi's making great piles of money selling their black gold. While Rhodes' book is about the golden age of science, the Fermi's, Teller's, and Oppenheimer's, working together to defeat the greatest evil the world's ever seen. The business of beating bad guys.
Unsurprisingly, some of the best chapters of The Prize are the war chapters, where the constant squabbling between nations and companies turns into a collaborative effort to win the great wars. And the focus also moves from the business of oil to the effects of it. Yergin makes a compelling case that a shortage of oil in WWII was the undoing of the Japanese and also the targeting of German synthetic oil plants was a major turning point in the European theatre. For example we learn that the first Kamikaze attack didn't happen until late October, 1944.
The suicide pilots called kamikazes. The word meant "divine wind," after a typhoon in the thirteenth century that had shattered the great invasion fleet of Kublai Khan before it could land in Japan. These suicide pilots, who were ordered to crash their planes (including specially desinged manned rocket bombs) onto the decks of the American ships, were compatriots to total sacrifice. But they also served a very practical purpose for a country extremely short of oil, planes, and skilled pilots. The Japanese had methodically calculated that, whereas eight bombers and sixteen fighters were required to sink an American aircraft carrier or battleship, the same effect could be achieved by one to three suicide planes. Not only was the pilot sure to cause more damage if he crashed his plane, not only would his commitment and willingness to die unnerve an enemy who could not comprehend the mentality of such and act, but - since he was not goint to return - his fuel requirement was cut in half."
There's plenty of other fascinating parts to this book and it presents a very rational business-driven view of how the Middle East came to exist as it does today. The anti-semitism by the Arab nations is palpable from way back, which reminds me again how impossible peace in Gaza and the wider Middle East seems. There's just so much deep, centuries old, embedded hatred.
I'm not sure who I'd recommend this to. If you worked in the oil industry, this would be required reading, pretty much the bible. But I really wish there was more science, more about oil itself and the breakthroughs needed to make it one of the prime movers of the global economy.
One other thing that slightly annoyed me with Yergin's approach was that he'd build up these big crises and then they'd fizzle out. Every single one was bathetic. On top of that, certain people with powerful predictions and ominous warnings live to see their prophecies come true but then never get their time in the sun for being right. There's also these constant struggles where sides that were wronged finally get their pound of flesh but there's never any gleeful vengance in it. It's always a damp squib. For example the Saudis keep telling OPEC they've got to drop their prices and their output or there's going to be a global failure. The Saudis even agree to play swing producer to help avert the crisis. Eventually it all falls apart. The world enters a global depression. But the Saudis never say "we told you so!" and make the other countries grovel to them, arguably they kind of end up back where they started and the cycle repeats. It's most probably because nation states aren't as petty as I am, although some of them certainly are. But definitely at times it felt like Yergin wouldn't give those who were right their credit, or at least the opportunity to say I told you so!
The final part that I wish had been improved was the NEW epilogue that my copy had. We've gone through the rest of the book about a chapter per year, and then suddenly from 1990 to 2010 happens in about 5 pages. At times this book soars but most of the time it feels like nothing more than a bunch of small biographies strung together.
Now for some sweet, sweet fiction.
October 20, 2014
not really history, except for the type of history written in 'schools of business.' more a collection of biographical vignettes on famous cappies.
April 16, 2020
Хочешь изучить и понять всемирную история XX века? Лучше всего подойдет эта книга. Так как в век нефти лучше учить всемирную историю нефтедобычи для лучшего понимания всего, что происходило в XX веке.
March 10, 2023
La Historia desde 1850 ha sido explicada por el petróleo más de lo que uno se lo imagina, por más que parezca una obviedad. Probablemente el mejor libro de Historia que me he leída. 5/5
April 1, 2018
This book is a very insightful research work about the history of oil since its very beginning in places like the US and Azerbaijan in the middle of the 19th century until 1990 (the year when the book was written) when the Middle East takes central stage - again - with Saddam Hussein invading Kuwait and a US-led coalition ousting Iraqi troops out of the Emirate. Throughout many events of the 20th century, Daniel Yergin shows the strategic importance of oil in the world economy and in geopolitics.
It started in the 19th century when whale oil, by definition a finite resource, was getting more expensive and petroleum became the new cheap fuel for illumination, and later for the production of electricity and as a fuel for the nascent automobile industry. Fortunes were soon made by fellows like Rockefeller who became the first American billionaire. In the beginning of the 20th century, Rockefeller had cornered the oil industry and controlled 90% of the US market. His dominant position ended with the US Supreme Court ordering in 1911 the dismantlement of his company Standard Oil. It was split into many smaller entities, some of which having survived and thrived to this day, like ExxonMobil, Chevron, etc. Oil had in the meantime already become so strategically important that many countries realised its decisive importance to win any war.
During WWII, it became soon apparent to the allies that oil was actually the Achilles heel of Germany. Germany had no oil of its own, contrary to the Soviet Union and the US. Nazi Germany tried everything to gain access to oil. It first managed to control the oil production of Romania. In 1941, Germany attacked the former Soviet Union, but German troops failed to reach the Caucasus in today Azerbaijan, where the Soviet oil production was concentrated. With the defeat in Stalingrad, Germany will have to abandon its ambition to gain access to Russian oil, and will eventually lose the entire war.
Confronted to this lack of oil, Nazi Germany had also developed the production of synthetic oil, the result of a process that consisted of transforming coal into oil. During WWII, a significant part of the German airforce was flying on synthetic oil. This led the allies to bomb in priority the synthetic fuel factories, even before the landing of Normandy in 1944, as they perfectly knew that oil was the major weakness of Nazi Germany. The lack of natural resources, especially oil, is one of the major reasons why Germany lost the war.
The decisive role that oil has played during WWII helps explain why, over the second half of the 20th century until this day, major world powers will consistently try to either control oil production, or secure in some way the support of those countries where oil is produced. Throughout major events of the 20th century, Daniel Yergin shows the strategic role that oil has been playing in geopolitics and the world economy. Oil, money and geopolitics have by now become completely intertwined.
Review by Bruno Gremez
It started in the 19th century when whale oil, by definition a finite resource, was getting more expensive and petroleum became the new cheap fuel for illumination, and later for the production of electricity and as a fuel for the nascent automobile industry. Fortunes were soon made by fellows like Rockefeller who became the first American billionaire. In the beginning of the 20th century, Rockefeller had cornered the oil industry and controlled 90% of the US market. His dominant position ended with the US Supreme Court ordering in 1911 the dismantlement of his company Standard Oil. It was split into many smaller entities, some of which having survived and thrived to this day, like ExxonMobil, Chevron, etc. Oil had in the meantime already become so strategically important that many countries realised its decisive importance to win any war.
During WWII, it became soon apparent to the allies that oil was actually the Achilles heel of Germany. Germany had no oil of its own, contrary to the Soviet Union and the US. Nazi Germany tried everything to gain access to oil. It first managed to control the oil production of Romania. In 1941, Germany attacked the former Soviet Union, but German troops failed to reach the Caucasus in today Azerbaijan, where the Soviet oil production was concentrated. With the defeat in Stalingrad, Germany will have to abandon its ambition to gain access to Russian oil, and will eventually lose the entire war.
Confronted to this lack of oil, Nazi Germany had also developed the production of synthetic oil, the result of a process that consisted of transforming coal into oil. During WWII, a significant part of the German airforce was flying on synthetic oil. This led the allies to bomb in priority the synthetic fuel factories, even before the landing of Normandy in 1944, as they perfectly knew that oil was the major weakness of Nazi Germany. The lack of natural resources, especially oil, is one of the major reasons why Germany lost the war.
The decisive role that oil has played during WWII helps explain why, over the second half of the 20th century until this day, major world powers will consistently try to either control oil production, or secure in some way the support of those countries where oil is produced. Throughout major events of the 20th century, Daniel Yergin shows the strategic role that oil has been playing in geopolitics and the world economy. Oil, money and geopolitics have by now become completely intertwined.
Review by Bruno Gremez
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