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.
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.
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.