It was once considered the only energy source suitable for artificial light. It was one of the world’s first multinational industries, and generated massive fortunes. And it required a global infrastructure connecting the source, in some of the Earth’s most remote locations, to living rooms around the world.
And while some of the key players in this huge 18th century industry said their businesses would thrive indefinitely, a wonderful article in the New York Times Sunday points out that the whale oil business eventually died out for one simple reason. It was based on a finite resource, and when it was used up, there was no more product to sell.
Sound familiar?
And just as whale oil was replaced by petroleum, starting in the mid-1800s, oil can be replaced as well. Yes, the oil barons of today insist there’s enough oil in the ground to last for many more years, but let’s be realistic. Maybe oil has peaked, maybe not, but is there anyone who doubts that the tap will run dry someday?
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