2 - Oil and Gas: Twentieth-Century Prosperity

Summary

The great discoveries of the past two and a half centuries – the steam engine, electromagnetic induction, the electric power grid, the internal combustion engine, the transistor, personal computers, the internet – change not just the way we live, but an entire global economy. Nothing, however, created more change or made more millionaires than one discovery. By the early 1900s, the iron carriage had made its appearance on the streets of our booming cities, but a new kind of engine and a new kind of fuel would be needed to make a “gasmobile” run. Oil.

Despite the many advances, however, since the start of the petroleum era, ecosystems are failing because of increased industrialization, combustion pollution, and greenhouse gases. Are we seeing the beginning of the end, the twilight of our most gleaming idol? Is the next great global energy transition being forced upon us? In the words of Ahmed Zaki Yamani, Saudi oil minister from 1962 to 1986, “the Stone Age did not end for lack of stone and the Oil Age will end long before the world runs out of oil.” Alas, short-term profits and share price is still being valued over environmental degradation and global warming.