Particularly chapters 3 "The Oil War of 1872", 4 "An Unholy Alliance", and 5 "Laying the Foundations of a Trust".
The oil industry has almost always been controlled by a small cartel, though that cartel has varied though the years: Standard Oil, the As-Is agreement, the Texas Railroad Commission, the Seven Sisters, the National Producers, and OPEC.
It's not been a competitive market.
Though I'd argue that oil has been tremendously underpriced since 1869.
https://archive.org/stream/historyofstandar00tarbuoft#page/n...
Particularly chapters 3 "The Oil War of 1872", 4 "An Unholy Alliance", and 5 "Laying the Foundations of a Trust".
The oil industry has almost always been controlled by a small cartel, though that cartel has varied though the years: Standard Oil, the As-Is agreement, the Texas Railroad Commission, the Seven Sisters, the National Producers, and OPEC.
It's not been a competitive market.
Though I'd argue that oil has been tremendously underpriced since 1869.