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)
Category: Economics
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
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
Just Bubbling Along
In essence, the bubble problem is tied to borrowing, that is, to put it [more or less] in the words of a character in the movie Popeye, "If you lend me money for a hamburger today, I’ll pay you back on Monday". Presumably, there would be an extra charge for taking the risk, called interest.… Continue reading Just Bubbling Along
Why Bother with Russia?
Updated from an earlier version published in May 2017 in factsandopinions.com. Like a lot of people in North America and Europe, I lived through years and years of paying attention to the Soviet Union, and later, Russia. It always seemed to me that this huge country, with the largest land area in the world, and possessor… Continue reading Why Bother with Russia?
‘I Stole It Fair and Square’
I have sometimes used this quip in the above title to describe what went on in much of the American land policy with respect to Native Americans. An awful lot of land was acquired from various ‘chiefs’ who were deemed by the American authorities to have had the legal right to sell property presumably owned… Continue reading ‘I Stole It Fair and Square’
On “Cactus Ed”
Perhaps the most notable character to inhabit the 1900s desert West was “Cactus Ed” Abbey, who died a few years before we took the first of our many trips to the Southwest. We loved what he saw and worried about its sustainability as well, but we were, sort of, part of the problem. Abbey worried… Continue reading On “Cactus Ed”
Old Professor by the Sea 