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Title: Rise of Oil

Essay Details

Subject: History
Author:
Date: December 15, 1996
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Length: 9 / 2565
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Essay text:

In the early years of oil production, the price fluctuated wildly. A young investor named Isaac E. Blake was making up to $1000/day in the oil business by 1869. One year he made a profit of over $100,000 selling crude oil . However, the oil market was very unpredictable...

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However, the oil market was very unpredictable. Blake bought a large amount of crude oil on speculation, a speculation which cost him everything when he had to sell the oil for a loss. The early years of the oil industry were exceedingly rough. The processes for oil extraction were very crude and the operators of the wells knew nothing of how to manage the business aspects...

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