Looking at the Mirror: Early Days of the Oil Markets in the United States

Adi Imsirovic ()
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Adi Imsirovic: The Oxford Institute for Energy Studies (OIES)

Chapter Chapter 3 in Trading and Price Discovery for Crude Oils, 2021, pp 25-38 from Springer

Abstract: Abstract Oil sold at over $500 per barrel, for medicinal use. Beginnings of the oiloil markets industry in the US. Distillationdistillation of coal-oilcoal-oil, drillingdrilling for salt and the industrial revolution were drivers of the oil industry. Kerosenekerosene lights up the way. Oil rush. The ‘Rule of Capture’ causing waste. Transportation key to price. Oil replacing coal. The first ‘oil shock: gushers, oversupply, collapsing prices. First traders, markets, and exchangesexchanges. Paper oil. Standard OilStandard oil kills the free market.

Date: 2021
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DOI: 10.1007/978-3-030-71718-6_3

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