How quickly things can change (or, when oil became cheaper than water)...
Money and Finance

How quickly things can change (or, when oil became cheaper than water)...


In 1910 in California, a column of oil nearly 200 feet high explodes out of a derrick and sets off a chain of events that will turn America into a superpower. Oil production doubles overnight and prices plummet from $2 to 3 cents a barrel. Quick to capitalize on this abundant cheap fuel is Henry Ford, a maverick entrepreneur who vows to bring the motor car to the masses. In 1900, there are 8,000 cars in the country. By 1930, there are over 20 million.

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