The discovery of petroleum had a significant impact on the world as we know it today. In the early days, petroleum was used solely as a lubricant, but it soon became apparent that it could be used as a fuel source. This made it incredibly valuable, and soon, a whole industry developed around the extraction, transportation, and sale of petroleum.

One of the key figures in the early petroleum industry was John D. Rockefeller. He was a shrewd businessman who realized that there was a lot of money to be made in the transportation and sale of petroleum. In fact, he made most of his fortune from these activities rather than from the actual extraction of petroleum.

However, one of the challenges that the early petroleum industry faced was how to put a price on oil. Unlike many other commodities, there was no initial cost associated with oil because it was in the ground. This meant that the price of oil could fluctuate wildly depending on supply and demand.

To address this issue, the industry hit on the idea of making oil appear to be scarce. In the early days, oil was often extracted using surface mining techniques, meaning that it was relatively easy to access. However, by making it appear that oil was more difficult to extract than it actually was, the industry was able to keep prices high.

This was helped by the fact that, in 1892, a scientific convention was held in Geneva to determine what organic substances were. Rockefeller saw an opportunity and sent some scientists to the convention who argued that petroleum was a substance made up of hydrogen, oxygen, and carbon, and was therefore derived from the spoiling of formerly living matter.

This was a clever move because it meant that petroleum could be classified as a fossil fuel, which made it seem more valuable and important than it actually was. The term “fossil” suggests that petroleum is a finite resource that is running out, which in turn drives up prices.

However, the truth is that there is a lot more oil in the world than many people realize. In fact, it is the second most prevalent liquid on Earth. While it is true that some oil fields are becoming depleted, there are still vast reserves of oil waiting to be discovered and exploited.

The discovery of petroleum had a profound impact on the world. It led to the development of a whole industry and made a small number of people very wealthy. However, it also created a number of challenges, such as how to put a price on oil and how to make it seem more valuable than it actually was. These challenges were met with ingenuity and cunning, and the industry continues to thrive to this day. While there is much talk about the need to move away from fossil fuels, the fact remains that oil is likely to be an important part of our energy mix for many years to come.

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