![]() ![]() ![]() The enormous price increases of the 1970s were a major cause in the long-term decline of economic growth in the West.Petroleum played a very important role in the rise of American and Soviet power.Starting in 1938 with the nationalization of the Mexican oil industry, government-owned monopolies in the oil producing countries have dominated the industry.The industry started with many small independent companies and then gradually consolidated into seven large oil companies.The industry started in the United States (Pennsylvania and Texas) and Russia (Baku).The petroleum industry has had a powerful effect on economic development, military conflict and global politics. ![]() Yergin overviews the history of the petroleum industry with particular emphasis on oil companies, nations and economic development. If you enjoy this summary, please support the author by buying the book. Title: The Prize: The Epic Quest for Oil, Money and Power ![]()
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