It has been over 160 years since a commercial quantity of ‘rock oil’ was found. Through much of that time, uses for its refined liquids gradually expanded, from lighting to fuel oil to gasoline and the automobile. Gradually petroleum became the energy source of choice, though coal and natural gas were large competitors. During World… Continue reading The Global Implications of Oil Price Renormalization (Part 3)
The Global Implications of Oil Price Renormalization (Part 2)
Since shortly after 1859, oil has been subject to attempts to control its price, or should I say the price of its refined product, be that kerosene for lighting or, later, gasoline for autos. The first one to try was John D Rockefeller with his development of the Standard Oil Trust in the 1860s and… Continue reading The Global Implications of Oil Price Renormalization (Part 2)
The Global Implications of Oil Price Renormalization (Part 1)
First, we have to understand some of the history and makeup of the commodity. In North America, from time immemorial, the Indians in the Western Allegheny area had skimmed oil seepage off the surface of the water and used it as a medicine. The settlers called it ‘Seneca oil’ after the local tribe and used… Continue reading The Global Implications of Oil Price Renormalization (Part 1)
Democratizing Education
Lawrence Cremin notes that humans receive knowledge about their environment, the world about them, in five main ways. First is through the home, as babies turn into children and then into youths. Until recently, this was probably the sole method of education for most humans. They learned informally from relatives, friends, and others nearby. A… Continue reading Democratizing Education
A Petroleum Strike Might Have Saved Lincoln
Almost 158 years ago, on the evening of April 14, 1865, President Abraham Lincoln was assassinated by John Wilkes Booth, as he watched a play. It could have been different. In March of 1858, the Pennsylvania Rock Oil Company was reorganized as the Seneca Oil Company, with New Haven CT banker James Townsend becoming President… Continue reading A Petroleum Strike Might Have Saved Lincoln
Billy Durant, Flint Michigan and General Motors
In the late summer of 1886, 25-year old William Crapo Durant was an up-and coming businessman in Flint, Michigan. He was born in Boston, but came with his mother to her family in Flint when a baby. Billy, as he was called when grown, was the grandson of Henry Howland Crapo of New Bedford MA,… Continue reading Billy Durant, Flint Michigan and General Motors
Octave Chanute and the Wright Brothers
In 1832, a son, Octave, was born to the Chanut family in Paris. When Octave was six, his father, estranged from his wife, took him and sailed to New Orleans to teach at the newly-created Jefferson College. The deepening financial crisis following the 1837 Crash led to his soon losing his job, so he took… Continue reading Octave Chanute and the Wright Brothers
Interchangeable Parts and The American Precision Museum
A while back, my wife Jane and I took a 5-day trip into New England for a short break. From our home in Nova Scotia, Canada, the drive is a long one - some 500 miles into central Maine. Some Americans don’t realize that North America extends some 900-1000 miles east and north of the… Continue reading Interchangeable Parts and The American Precision Museum
The Big Blue Marble
Robert Goddard was the quintessential Yankee inventor. Born in 1882, he was raised and lived much of his life in Worcester, Massachusetts. Goddard was a sickly boy who fell behind in school and did not graduate until he was twenty-two. Spending lots of time home in bed, he became a voracious reader, and was highly… Continue reading The Big Blue Marble
Aging and Economies
It’s really pretty simple. In order for a society to reproduce itself, each woman must have 2.1 children during her fertile period, which normally lasts from, say 14-42 years of age, more or less. This is called a fertility rate, as opposed to a birthrate. A stable population fertility rate is reached by counting one… Continue reading Aging and Economies
Old Professor by the Sea 