In February 2016, a barrel of WTI crude oil cost less than $26. That was the lowest price since 2003. Just 18 months earlier, the same barrel was selling for $110. A 76% drop. Chapter 40 of Torsten Dennin’s “From Tulips to Bitcoins” tells the story of how the world literally ran out of places to store all the oil it was pumping, and what happened when OPEC and Russia finally decided to do something about it.
In February 2016, a barrel of WTI crude oil cost less than $26. That was the lowest price since 2003. Just 18 months earlier, the same barrel was selling for $110. A 76% drop. Chapter 40 of Torsten Dennin’s “From Tulips to Bitcoins” tells the story of how the world literally ran out of places to store all the oil it was pumping, and what happened when OPEC and Russia finally decided to do something about it.
Some chapters in this book are about money. Some are about greed. This one is about what happens when you mix both with a deadline and a drill hole four kilometers under the ocean. Chapter 36 of Torsten Dennin’s “From Tulips to Bitcoins” (ISBN: 978-1-63299-227-7) tells the story of the Deepwater Horizon disaster. The biggest oil spill in American history. Eleven dead. 780 million liters of crude in the Gulf of Mexico. And a final bill of $65 billion.
Some chapters in this book are about money. Some are about greed. This one is about what happens when you mix both with a deadline and a drill hole four kilometers under the ocean. Chapter 36 of Torsten Dennin’s “From Tulips to Bitcoins” (ISBN: 978-1-63299-227-7) tells the story of the Deepwater Horizon disaster. The biggest oil spill in American history. Eleven dead. 780 million liters of crude in the Gulf of Mexico. And a final bill of $65 billion.
There is a tiny town in Oklahoma called Cushing. Fewer than 10,000 people. It has a Walmart. A few fast food places. And somehow, this place is the center of the global oil market. Chapter 32 of Torsten Dennin’s “From Tulips to Bitcoins” tells the story of what happened when oil prices collapsed and the biggest banks in the world started renting supertankers just to have somewhere to put the stuff.
There is a tiny town in Oklahoma called Cushing. Fewer than 10,000 people. It has a Walmart. A few fast food places. And somehow, this place is the center of the global oil market. Chapter 32 of Torsten Dennin’s “From Tulips to Bitcoins” tells the story of what happened when oil prices collapsed and the biggest banks in the world started renting supertankers just to have somewhere to put the stuff.
For most of the twentieth century, seven Western companies ran the global oil business like it was their private club. They decided how much oil was pumped, where it went, and what it cost. Then, country by country, the club got kicked out. Chapter 26 of Torsten Dennin’s “From Tulips to Bitcoins” tells how the old Seven Sisters lost their grip and a new set of state-owned giants took over.
For most of the twentieth century, seven Western companies ran the global oil business like it was their private club. They decided how much oil was pumped, where it went, and what it cost. Then, country by country, the club got kicked out. Chapter 26 of Torsten Dennin’s “From Tulips to Bitcoins” tells how the old Seven Sisters lost their grip and a new set of state-owned giants took over.
John Fredriksen did not drill for oil. He carried it. He did not fish in the ocean. He farmed it. Chapter 24 of Torsten Dennin’s “From Tulips to Bitcoins” tells the story of a Norwegian who built an eight-billion-dollar empire on tankers, oil rigs, and salmon.
John Fredriksen did not drill for oil. He carried it. He did not fish in the ocean. He farmed it. Chapter 24 of Torsten Dennin’s “From Tulips to Bitcoins” tells the story of a Norwegian who built an eight-billion-dollar empire on tankers, oil rigs, and salmon.
In 1991, German business magazine named Heinz Schimmelbusch “Manager of the Year.” Two years later, he was fired for nearly destroying one of Germany’s oldest industrial companies. Chapter 15 of Torsten Dennin’s “From Tulips to Bitcoins” tells the story of Metallgesellschaft, and it is one of the most painful corporate implosions in the book.
In 1991, German business magazine named Heinz Schimmelbusch “Manager of the Year.” Two years later, he was fired for nearly destroying one of Germany’s oldest industrial companies. Chapter 15 of Torsten Dennin’s “From Tulips to Bitcoins” tells the story of Metallgesellschaft, and it is one of the most painful corporate implosions in the book.
August 2, 1990. One hundred thousand Iraqi soldiers cross the border into Kuwait. Within hours, the small oil-rich country is occupied. Within three months, oil prices double. Chapter 14 of Torsten Dennin’s “From Tulips to Bitcoins” tells the story of how a debt dispute between neighbors turned into the biggest oil shock since the 1970s.
August 2, 1990. One hundred thousand Iraqi soldiers cross the border into Kuwait. Within hours, the small oil-rich country is occupied. Within three months, oil prices double. Chapter 14 of Torsten Dennin’s “From Tulips to Bitcoins” tells the story of how a debt dispute between neighbors turned into the biggest oil shock since the 1970s.
November 25, 1973. A Sunday morning in Germany. The autobahn is completely empty. No cars. No trucks. Nothing. The country that gave the world Mercedes, BMW, and Audi, the country that has no general speed limit on its highways because people love driving that much, just banned driving on Sundays.
November 25, 1973. A Sunday morning in Germany. The autobahn is completely empty. No cars. No trucks. Nothing. The country that gave the world Mercedes, BMW, and Audi, the country that has no general speed limit on its highways because people love driving that much, just banned driving on Sundays.
A 16-year-old kid who speaks four languages watches his family lose everything overnight. He flees to Argentina with nothing. No money. No connections. No plan. Thirty years later, he owns the largest private tanker fleet on the planet, throws parties with JFK and Churchill on his yacht, and marries the most famous widow in America.
A 16-year-old kid who speaks four languages watches his family lose everything overnight. He flees to Argentina with nothing. No money. No connections. No plan. Thirty years later, he owns the largest private tanker fleet on the planet, throws parties with JFK and Churchill on his yacht, and marries the most famous widow in America.
There is a famous Rockefeller quote: “Competition is a sin.” Most people hear that and think it is just a rich guy being arrogant. But when you read Chapter 5 of Torsten Dennin’s “From Tulips to Bitcoins,” you realize this was not just talk. This man actually eliminated competition. All of it. He controlled 90% of the oil refining in the United States. One person. Ninety percent.
There is a famous Rockefeller quote: “Competition is a sin.” Most people hear that and think it is just a rich guy being arrogant. But when you read Chapter 5 of Torsten Dennin’s “From Tulips to Bitcoins,” you realize this was not just talk. This man actually eliminated competition. All of it. He controlled 90% of the oil refining in the United States. One person. Ninety percent.