The History and Value of Petroleum

When they first found petroleum, because they were beginning to make

motors and, and, and needed it on axles of wheels on

railroad trains and all that

sort of thing, then oil went from a, just a lubricant to a

fuel, and it made it valuable. And Rockefeller

happened to be the smartest man in the business at the time.

So in order to get the price up, they hit on the idea

that they would have to

make it appear to be scarce. In 1892,

there was a convention in Geneva of, of scientists to

determine what organic

substances are.

Well, the definition of organic is a substance with hydrogen,

oxygen, and carbon. Rockefeller took advantage of sending some

scientists over who said oil, petroleum is

hydrogen, oxygen, and carbon. They defined oil as

a, a residue from formerly living matter.

Well, that makes it a fossil fuel. And another thing we should know is

that there has never been a fossil, a, a, a, a

real fossil found below sixteen thousand

feet.

We mine oil, or we, we drill for oil at thirty

thousand, thirty-three thousand, twenty-eight thousand every day of the

week.

So right there, we rule it out that it isn't fossil fuel.

It's called fossil fuel for the minds of the public

to feel that it is, uh, uh, an asset that is running out,

being depleted. We talk about depletion allowance,

which is a lot of, you

know. And actually, if you

know the world's oil supply, you know that it

is not gonna run out for an awfully long time.

It is the second most prevalent liquid on Earth.