From Guest-Blogger Iannick Gagnon — Oil: The First Shocks (1859-1900)

This article, I hope, will set the tone for a series of others that will follow by revealing the origins of the petroleum industry in the United States. The main objective of these pieces is to provide the reader with a historical notion of shocks in the oil business in order to better understand the background of fluctuations in petroleum prices. Later on, other writings will cover more recent material on the subject and a final piece will offer the reader my predictions of what the future of oil prices might look like in the short, medium and long term.

The task at hand is ambitious, but its significance is enormous. Everyone feels a pinch when the prices at the pump crawl higher and higher with no end in sight. History has repeatedly proven to be the best thing we have to go on and in doing so, we will establish a solid foundation from which we will make an educated guess about the future of the oil industry as a whole and what it means for civilization.

THE FULL ARTICLE WILL BE AVAILABLE ON: December-19-2011