Summary Of Daniel Yergin's The Prize

In his novel, The Prize, Daniel Yergin tells the history of oil, one of nature’s most precious resources, and how it came to rule both the world’s economic and political landscapes. The book shows the rapid advancements in oil producing technology and how it impacted the world, for the best and for the worst. From the beginning, people recognized the potentially limitless applications that oil could be used for. Yergin walks you through the establishment of many of the great oil companies, as well as how governments adapted to booms and busts in the price of oil. He describes how access to oil played a role in determining the outcomes of World Wars I and II, and how it has caused increasing tensions in the Middle East.
Yergin begins his novel by telling the story of Benjamin Silliman Jr., a chemistry professor who was hired by an investor named George Bissell to determine if “rock oil” could be marketed as an illuminating fuel. Silliman’s analysis proved to be a “turning point in the establishment of the petroleum business,” (Yergin 6) and Bissell founded a company for exploration called The Pennsylvania …show more content…
The development of the internal combustion engine drastically changed how wars were fought. Countries worldwide began to realize the money and power that is associated with oil. Their military and political strategies often focused either on how they access oil more easily or how they could cut off other countries’ supplies. For instance, the British blocked the Germans from the oil fields in Baku, which was a decisive blow for Germany and led to their eventual downfall. Likewise, it wasn’t uncommon to find a country that was being invaded burning their oil so that their enemies couldn’t benefit from them. After the war had ended, Senator Bergenger of France declared that oil was “the blood of victory” (Yergin