The documentary is narrated by actor Donald Sutherland. Later, towards the end of this lesson, you can watch the related video episodes from the documentary film series based on the text. These online notes are intended to summarize, enhance, complement or reinforce what is presented in the text. Read through the online notes that follow here on this page below. What was the psychological impact on the industry of Pithole’s demise?. What was the role of expectations in oil land pricing?.Are there any modern booms & busts in other industries?.What are some possible solutions to the problems created by the rule of capture?.“Only the wealthy used whale oil.” What are the social implications of cheap fuel for lighting?.Can you suggest some recent examples of inventions creating new markets? What motivated the quest for a whale oil substitute?.Case study in entrepreneurship - Visionary thinking, Putting the pieces together, Improvising - Changing Priorities.Standard Oil’s dominance eroded with several emerging competitors - Russian oil & later Dutch East Indies, British traders played a key role.SO first modern corporation – legal entity with limited liability and bureaucratic structure.Standard Oil (SO) emerged as dominant firm – gained by cost reduction and aggressive but legal tactics.Early oil industry, highly competitive – many players.Rockefeller and the Combination of American Oil Pennsylvania, 1860-1890, the dominant oil producing region in the worldĬhapter 2 - "Our Plan": John D.Idea of switch-point, transition from whale oil to petroleum.Chapter 1 - Oil on the Brain: The Beginning Students are to read three chapters of the text - The Prize. The more we talk about these ideas and share our thoughts, the more we can learn from each other. You are encouraged to engage in these discussions. Online Lesson 1: The Rise of American Oil and the Competitive International IndustryĮach week an announcement is sent out in which you will have the opportunity to contribute questions about the topics you are learning about in this course. The Prize: Chapters 1, 2, & 3 (select sections) Specific directions for the assignment below can be found within this lesson. Please refer to the Course Syllabus for specific time frames and due dates. This lesson will take us one week to complete.
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