ST 398 The Biography of Oil

In the history of the oil industry since 1859, the discovery of petroleum has usually preceded the finding of markets for it; however, the latter has always been crucial for commercial success. Historically, the oil industry has suffered from chronic oversupply.

Discuss the corporate quest for development and control of markets from the early days up to the beginning of the First World War. How did companies gain (and maintain) control of competitors, influence governments, build markets (including encourage new uses), etc? How did all of this affect the amount of petroleum consumed?