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Page added on October 25, 2013
Platts and the history of oil: an infographic
It could be argued that the history of oil is the history of the modern world. And Platts, a leading provider of analysis, news and prices for the industry, has played a significant role in this amazing story.
Of all the natural resources that have been used to build our world, surely oil is the most pervasive. We all know that oil provides the plastics in the computer we use, has driven revolutions in fashion, industry and transport, and even powers our homes. No one’s life is untouched by this immense resource.
Warren Platt first worked in the oil information industry a mere 45 years after the first oil was drilled in the US. Today Platts plays a pivotal role in how this industry operates — providing the data that, well, lubricates the industry.
So here’s a timely reminder of how Platts and oil have matured together: our infographic timeline illustrates perfectly how Platts has become an essential part of the industry that powers our world.
4 Comments on "Platts and the history of oil: an infographic"
DC on Fri, 25th Oct 2013 6:33 pm
Notice how this ‘info-graph’ only lists price ‘instabilities’ caused by dirty arab-types. All the price spikes caused by US invasions, illegal sanctions vs Iran and so on, are strangely absent
Mmmmmm…..
rockman on Fri, 25th Oct 2013 6:49 pm
Dc – As has been said: the winners get to write the history books. I also notice there is no mention of the Texas Rail Road Commission being a much more effective oil cartel than OPEC ever dreamed. It controlled the global price of oil through the “Allowable System” which determined, by law, how much oil any well in Texas could produce during a given month.
BTW the Allowable regs are still on the books and are still be enforced. Every month the TRRC commissioners vote and set the Allowable percent. But few outside of Texas realize that because the Allowable has been set at 100% for about 40 years. But if oil prices crashed the TRRC could set the allowable at 50% and reduce the oil flow by half from the largest oil producing state in the country. Would be interesting to see how the feds would respond.
Others on Sat, 26th Oct 2013 2:43 am
Fantastic historic chart.
There is 1 more important benchmark called Western Canada Select which is a very heavy oil and its almost Carbon.
After all the Light, Medium and Heavy crude oil become extinct, then the Canadian Heavy Oil will be the only 1.
shortonoil on Sat, 26th Oct 2013 9:28 pm
“After all the Light, Medium and Heavy crude oil become extinct, then the Canadian Heavy Oil will be the only 1. ”
“So long as oil is used as a source of energy, when
the energy cost of recovering a barrel of oil becomes
greater than the energy content of the oil, production
will cease no matter what the monetary price may
be.” (M. King Hubbert)
After the light sweet is gone, all you have left is black goo in a barrel. The 2’nd Law rules!