![]() ![]() This lesson will take us one week to complete. Please refer to the Course Syllabus for specific time frames and due dates. The Prize: Chapters 1, 2, & 3 (select sections) Specific directions for the assignment below can be found within this lesson. Online Lesson 1: The Rise of American Oil and the Competitive International IndustryĮach week an announcement is sent out in which you will have the opportunity to contribute questions about the topics you are learning about in this course. You are encouraged to engage in these discussions. The more we talk about these ideas and share our thoughts, the more we can learn from each other. Idea of switch-point, transition from whale oil to petroleum.Ĭhapter 1 - Oil on the Brain: The Beginning Students are to read three chapters of the text - The Prize.Pennsylvania, 1860-1890, the dominant oil producing region in the worldĬhapter 2 - "Our Plan": John D.Rockefeller and the Combination of American Oil Early oil industry, highly competitive – many players.Standard Oil (SO) emerged as dominant firm – gained by cost reduction and aggressive but legal tactics.SO first modern corporation – legal entity with limited liability and bureaucratic structure.Standard Oil’s dominance eroded with several emerging competitors - Russian oil & later Dutch East Indies, British traders played a key role. ![]() Case study in entrepreneurship - Visionary thinking, Putting the pieces together, Improvising - Changing Priorities.What motivated the quest for a whale oil substitute?.“Only the wealthy used whale oil.” What are the social implications of cheap fuel for lighting?.Can you suggest some recent examples of inventions creating new markets? ![]()
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