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13min chapter
Daniel Yergin – Oil Explains the Entire 20th Century
Dwarkesh Podcast
The Evolution of the Oil Industry
This chapter explores the historical development of the oil industry, focusing on key figures such as Drake, Rockefeller, and Mitchell who shaped its trajectory. It examines the parallels between the oil sector and other rapidly changing industries, the impact of technology and investment cycles, and the lessons learned from Rockefeller's business practices. Additionally, the chapter discusses the breakup of Standard Oil, its implications for innovation, and the role of influential leaders like Theodore Roosevelt and Winston Churchill in guiding corporate and technological shifts.
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