Reddit reviews The Prize: The Epic Quest for Oil, Money & Power
We found 35 Reddit comments about The Prize: The Epic Quest for Oil, Money & Power. Here are the top ones, ranked by their Reddit score.
Free Press
For his point on energy, the USA's huge oil production capacity for the last 100 years has given us a real competitive advantage against other countries. One could argue that our country's ascendance to sole world power was completely due to the our access to cheap energy. For instance, look at the role access to fuel played in the second world war.
We have always been one of the largest oil producers in the world. Even today US companies basically control the world oil market as middle men (I highly recommend Daniel Yergin's book for a long but informative read on this subject.). However, the fear is that we will soon lose our cheap energy advantage and become dependent on foreign oil... it maybe true that right now the US consumes a lot of domestically produced oil, but the writing on the wall says that will not be the case forever.
The Prize: The Epic Quest for Oil, Money & Power
"[...] The Prize, winner of the 1992 Pulitzer Prize for nonfiction, is a comprehensive history of one of the commodities that powers the world--oil. Founded in the 19th century, the oil industry began producing kerosene for lamps and progressed to gasoline. Huge personal fortunes arose from it, and whole nations sprung out of the power politics of the oil wells. Yergin's fascinating account sweeps from early robber barons like John D. Rockefeller, to the oil crisis of the 1970s, through to the Gulf War."
Not OP, but I asked the same question years ago and I compiled this list:
​
​
​
​
​
​
A book on the fall of the Ottoman Empire is another good place to start. I have not read this one yet. I've heard that it is a good read.
​
​
I have an eccentric obsession with the oil/energy industry. Some of these books were mentioned already, but below are my absolute favorites:
If you're looking for a history of oil and gas check out The Prize, and The Frackers covers the more recent energy revolution. Oil 101 and Fundamentals of Investing in Oil and Gas deal more with the technical side.
Daniel Yergin's The Prize: The Epic Quest for Oil, Money, and Power
Historical account of the oil industry, which is particularly relevant in today's markets.
I havn't watched this doc yet, but if you're curious to read in depth into this topic, and it's truly fascinating. I can't recommend the book The Prize enough. It's a great read and you'll see how modern power was shaped well into the 20th century.
Oil on the market is what they call 'fungible'. What that means in practice is that all the oil on the export market acts like it all goes into one huge wholesale pool, and from there is divided up by customer. So it really doesn't matter where the oil country A is produced. All the suppliers are getting the market price.^1 And since most of the oil that one nation can import from another nations is exported by an OPEC nation,^2 picking one over another really has no impact on the earnings of any of them. The reason being is that the production capacity of exportable oil isn't that far greater than the import demand. It is larger, which is why OPEC keeps trying to convince its members to restrict output. But it's not so much greater that any of the exporters could be cut out of the system.
So for example the US refuses to buy from Iran. Fine. Iran sells to India and China instead. And the US buys the same amount from Mexico, Canada, Venezuela, Saudi Arabia, others. It all just washes out.
The importers lack the threat of simply collectively boycotting imports. For their economies are far too dependent on imported oil to function on a day to day basis. Importers attempt to limit imports by high taxes to discourage use, or by maximizing domestic production, or regulations to discourage use. But those policies only very slowly change energy consumption patterns.
For a history of oil production, see Pulitizer Prize winning book The Prize by Yergin.
^1 Just to keep things from getting confused on this, not all oil is created equal. Some is of a quality which is easier or less costly to refine into usable products. Some comes from locations that are far less costly than others to produce. Some are in locations which makes export much more economically viable due to geography.
^2 Back in the heyday of OPEC, The Soviet Union wasn't the major oil exported that Russia is now. And Canada wasn't exporting like they are today either. And US production was in a relative low spot because the easy stuff had been pumped, and advanced extraction methods like fracking hadn't been invented yet. But Russia's interests more or less align with OPEC's interests. So they aren't really lining up to help the importing nations. And Mexico and Venezuela have long term production problems due to not properly investing to maintain their capacity. So as a whole OPEC's bargaining position is a poor one currently.
As were Bush, Reagan, and numerous other high ranking US officials, both military and civilian. There have long been close links between Riyadh and DC. For good reason.
The House of Saud, while now a convenient boogeyman for those with no sense of even recent history, has provided not just oil for many decades when there were inadequate supplies in North America (and Europe), but more importantly has been a key ally in the gulf, a place where instability is the natural state, and where Wahhabism especially would rapidly fill a power vacuum.
Is Saudi Arabia an ideal ally? No. We have many differences with them. But they are far better than the alternative. Through taking donations from the Saudis, Clinton was shoring up an important relationship while furthering the impact of her family foundation.
So you can criticize Clinton's relationship with the House of Saud, but see how quickly Trump cozies up to them.
I guess in summary, two things. One, these things aren't black and white, as cute as it may be. And second, keep your friends close and your enemies closer.
For more detail you can read the following:
https://www.amazon.com/Inside-Kingdom-Modernists-Terrorists-Struggle/dp/0143118277
https://www.amazon.ca/Prize-Epic-Quest-Money-Power/dp/1439110123
The Prize by Daniel Yergin is a great history of the O&G industry.
http://www.amazon.com/gp/aw/d/1439110123/ref=redir_mdp_mobile/188-3799228-4803548
hey I read that! Matt Simmons ended up being dead wrong about peak oil, but otherwise I enjoyed the book. But The Prize by Daniel Yergin is the king of oil books - it is brilliant.
http://www.amazon.com/The-Prize-Quest-Money-Power/dp/1439110123/ref=pd_bxgy_14_img_2?ie=UTF8&refRID=04AERX02B4996WQXBJA0****
Nice! I have added both to my reading list! The Prize: The Epic Quest for Oil, Money & Power sounds really interesting, I have been looking for an older book on the Oil Industry... those greedy bastards always make for a good read! I have found it hard to find books on Oil (or many renewables for that matter) that don't have a little slant.
[Children of the Sun: A History of Humanity's Unappeasable Appetite For Energy ] (https://www.amazon.com/dp/0393931536/ref=cm_sw_r_cp_apa_i_R02xCbQ1V4B98) looks like a really good in-depth read as well. I think the title of the book sums up an uncomfortable truth about humans in general. I also find that books that take a more general overview of energy have less of that "rah rah" in one direction or the other.
I linked them so others could find them easily!
Here, read this to answer your questions related to oil trap
http://www.amazon.com/The-Prize-Quest-Money-Power/dp/1439110123
https://www.amazon.com/Prize-Epic-Quest-Money-Power/dp/1439110123
; Or, what happens to oil-dependent communities and countries since 1880
Ohh! You should definitely look into The Prize: The Epic Quest for Oil, Money, and Power by Daniel Yergin.
It depicts the history of the global petroleum industry from the 1850s through 1990.
Its extremely well written and an incredibly powerful part of human history.
Link: http://www.amazon.com/The-Prize-Quest-Money-Power/dp/1439110123
As a more personal aside, I think that The Prize is a really interesting book; however, it is not truly focused on engineering but more on the impact of the "most influential industry in history."
Go read history books instead of copying out-of-context newspaper quotes -
US interest in the mid-east started in ww2 - FDR signed an alliance with Saudi Kind that stands to this day. Israel was not even a country back then.
The US army does not fight wars for Israel - even though Israel does benefit from some of those - and Israeli politicians like to take credit for having influence in the US (does not mean they actually do).
The Israeli army on the other hand did fight a war purely for the US - in which 3000 of its soldiers died (equivalent to US casualties Vietnam in terms of relative population size) and many more injures - it was in October 1973 and it was a war in which the US administration demanded Israel does not strike early even when Egyptian and Syrian forces were massing at its borders. The reason? US wanted the Suez Canal - and Egyptian president promised to give it if US "gives" him a victory over Israel.
TL;DR
Read/Watch The Prize - understand the importance of oil to (American) strategic thinking post ww2. Stop thinking things in the world have reason X or nation Y behind it - it's simplistic wishful thinking. World is complex, though cookie.
I'll never forget reading The Prize by Daniel Yeargin. He simultaneously tries to tell you about how Standard Oil was some unstoppable monopoly...while also telling you about how Branobel was eating away at their monopoly. They got to something like 30% before Stand Oil got trust-busted. So trust-busting only came after Standard's market position was already eroding.
It's a long read, but it's thorough - http://www.amazon.com/The-Prize-Quest-Money-Power/dp/1439110123
> You mentioned our GDP. 2/3 of our GDP comes from consumer spending.
Consumer spending and the output of the economy is impacted by how much people have to pay for gas, heat, oil, etc ENORMOUSLY(think about how much the average citizen spends on gas throughout a year and then think about them spending that on other things). Like I said you are uneducated in subject matters that are essential to comment on these matters and you are going to go on as if you aren't. All while arguing a position no analyst in the world would(hyperbole).
https://www.amazon.com/Ascent-Money-Financial-History-World/dp/0143116177/ref=sr_1_1?ie=UTF8&qid=1466453148&sr=8-1&keywords=Ascent+of+money
https://www.amazon.com/Prize-Epic-Quest-Money-Power/dp/1439110123/ref=sr_1_1?ie=UTF8&qid=1466453203&sr=8-1&keywords=The+prize
Read these two books and you will have a clearer picture of this macro picture I was referring to and you will understand how absurd your position is. The ascent of money was made into a pbs documentary, albeit a 4 hour one. It doesn't do the book justice though.
http://www.pbs.org/wnet/ascentofmoney/
The Prize was a Pulitzer Prize, non fiction book that will educate you on oil and why the middle east is important.
https://careers.state.gov/work/foreign-service/suggested-reading
Click on the suggested reading list on that page.
To get the whole macro picture I was referring to, read these books. You may want to start with their recommended International Relations textbook. These are books the State Department recommends you read if you are going to negotiate and do diplomacy on behalf of United States government(pretty hardcore stuff).
Best of luck with your studies/investigations and enjoy the rabbit hole, it really is an eye opener into another world that is not really discussed in the media.
The Prize: http://www.amazon.com/The-Prize-Quest-Money-Power/dp/1439110123
All you ever wanted to know about the last century but had no clue it happened
Daniel Yergin's The Prize covers this and more. You can find the TV series based on it on YouTube:
Here's subsidies for oil, not to mention all the money that goes into diplomatic/military intervention protecting interests of which I'm sure you're already probably aware. Also, fossil fuels power so much of our economy, so that selective government spending/rights protection also applies to power companies, manufacturing companies... hell really any company that uses fossil fuels more than the average person. Or how bout the grants and subsidies for telecom companies... not to mention the massive government infrastructure spending? Are those not entitlements? How about something as simple as a concert venue that uses public security forces more than your average person. That's a "right" that's selectively applied.
The point is, no matter what, your definition of "rights" are always selectively applied. I'm not even arguing that the above examples are bad things. I like having a regulated telecom infrastructure, and I like the fact that having that infrastructure employs lots and lots of people. I like having security. Hell, I don't like the fact that our gov fights wars in the middle east, but I do like burning fossil fuels that keep me warm and power machinery and electricity. However, if you're just going to justify your position on some philosophical platitude about "rights," I'm sorry but there's no way you can be consistent unless you advocate complete and radical overthrow of the system.
The Prize: The Epic Quest for Oil, Money & Power by Daniel Yergin.
This is a non-fiction narrative masterpiece about more than just the oil industry, but about the driving forces that have shaped the world we live in and the world we will live in. If you want to understand how the 20th century was shaped through the prism of those shaping forces then I recommend reading this book.
https://www.amazon.com/Prize-Epic-Quest-Money-Power/dp/1439110123
/r/SecurityAnalysis maintain a decent reading list.
The following is taken from it:
History
Learn about Shale Gas, OPEC, and what recently has been happening to the price of crude oil I'm certain they will ask about that.
This is also a great book
http://www.amazon.com/Prize-Epic-Quest-Money-Power/dp/1439110123/ref=sr_1_5?ie=UTF8&qid=1420766548&sr=8-5&keywords=oil+and+gas
I don't know of any that compare, but, the Napoleon's Buttons is SUPPOSED to be good.
http://www.amazon.com/Napoleons-Buttons-Molecules-Changed-History/dp/1585423319/
Other books, engineering related, that I liked are:
Norm Lieberman's Process Troubleshooting books, the guy cracks me up!
Working Guide to Process Equipment (3rd edition probably cheaper): http://www.amazon.com/Working-Guide-Process-Equipment-Fourth/dp/0071828060/
Process Equipment Malfunctions (not as good as the other one, some overlap, but still worthwhile, and covers more breadth for individual issues): http://www.amazon.com/Process-Equipment-Malfunctions-Techniques-Identify/dp/0071770208/
The Prize (mentioned above): http://www.amazon.com/gp/aw/d/1439110123/ref=redir_mdp_mobile/188-3799228-4803548
The Quest (Follow on to The Prize): http://www.amazon.com/Quest-Energy-Security-Remaking-Modern/dp/0143121944/
Oil 101: http://www.amazon.com/Oil-101-Morgan-Downey/dp/0982039204/
The Mythical Man Month (Not engineering directly as it pertains to software, but, projects and project management are huge in engineering, though this book is timeless): http://www.amazon.com/Mythical-Man-Month-Software-Engineering-Anniversary/dp/0201835959/
Piping Systems Manual (You can NEVER know enough about pipe!): http://www.amazon.com/Piping-Systems-Manual-Brian-Silowash/dp/0071592768/
Pumps and Pumping Operations (OMG it is $4, hardcover, go buy now! This book is great... did you know OSU didn't teach their Chem E's about pumps? I was flabbergasted, gave this to our intern and he became not a scrub by learning about pumps!): http://www.amazon.com/Pumping-Operations-Prentice-Pollution-Equipment/dp/0137393199/
Any good engineer needs to understand MONEY too:
The Ascent of Money: http://www.amazon.com/Ascent-Money-Financial-History-World/dp/0143116177/
It's Nial Fergesuon, who has had his own series of dramas and dumb stuff. The Ascent of Money has a SLIGHT libertarian tinge... but it wasn't bad enough that I didn't enjoy it. I consider it a history book, and he attempts to write it like one.
Have fun!
"The Prize" by Daniel Yergin is a long but fun place to start. Bit more historical.
If you really want to know, you should read Prize - The Epic Quest for Money, Oil and Power. It's basically a parallel history book of the last 150 years and helps explain geopolitical motivations and power struggles, almost all of which are either started by or kept up because of access to oil.
Which is to say, security of and access to, oil is as much as a priority to our national interest as having an anti-missile defense system.
Osama bin Laden was not acting at the direction of the Saudi government. I believe O. B. L. had been disowned by his own family, the Saudi royal family and had had his Saudi citizenship revoked.
The Road to 9/11: A Brief History of Conflict in the Middle East
Meeting Osama Bin Laden
House of Bush, House of Saud
The Looming Tower: Al-Qaeda and the Road to 9/11
The Prize: The Epic Quest for Oil, Money & Power
A book on novel writing.
Anything be Jared Diamond.
The Prize.
If he likes Mac, a subscription to MacWorld.
It's like I'm listing off everything my husband likes. :-P
Have you read the Prize?
Also, check out theses books:
Basically if you are from the EU (or China, or whereever that's not the USA) and you want to by crude you will have to pay in USD as most countries will only sell in USA. Therefore you have to buy USD then buy your oil, this creates demand for the dollar and keeps it's price up.
The ME countries (read as the twats in charge of them) would typically end up with more USD than they knew what to do with in their own country and would start spending elsewhere, typically on US products.
That's the TL:DR of it, though if your interested in the oil industry and it's history i'd really recommend The Prize though there is a youtube series as well here but i haven't watched that.
The Prize by Daniel Yergin
This is the history of oil. I felt like I saw the word in a very different way after learning how oil had been so important to so many crucial moments of modern history. You will come out of the book seeing modern politics in a very different light.
The first place to start is with The Prize (https://www.amazon.com/Prize-Epic-Quest-Money-Power/dp/1439110123) to get a sense of historical context.