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Lecture 11
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Lecture 11.pdf
- 1. Lecture 11 The Economic History of the United States
- 4. Writing Rubric Category 1: Research and Content Accuracy (40 Points) Category 2: Analysis and Interpretation (30 Points) Category 3: Organization and Clarity (20 Points) Category 4: Formatting and Citations (10 Points )
- 8. Whale oil for light Demand increases Whales are common property Run out of whales Price of lamp oil goes up Look for substitutes
- 9. Samuel Kier Pennsylvania USA 1840s Salt Mine Oil byproduct
- 11. Petroleum Latin petra - rock oleum - oil
- 13. Benjamin Stillman Yale University First to distill petroleum into parts or fractions distill is to heat up and capture vapor at different temperatures
- 14. BISSELL REPORT Your company have in their possession a raw material from which, by simple and not expensive process, they may manufacture very valuable products. It is worthy of note that my experiments prove that nearly the whole of the raw product may be manufactured without waste, and this solely by a well- directed process which is in practice in one of the most simple of all chemical processes.” Professor Benjamin Sillman Yale College
- 15. Products Degrees C. Carbon liquified petroleum gas 20 1 - 4 chemical, naphtha 70 5 - 9 gasoline 120 5 - 10 jet fuel, kerosene, paraffin 170 10 - 16 diesel 270 14-20 lubricants, oils, waxes, polishes 320 20 - 50 ships, factories, heating 370 20 - 70 bitumen, roads, roofs 400 >70
- 17. George H. Bissell Needed Financial Capital: incorporation laws and investors Pennsylvania Rock- Oil Company Used Stillman Report
- 19. Colonel Drake August 27, 1859 Colonel Drake Titusville, Pennsylvania USA
- 22. Electric Light Bulb 1883 1/4 the the price of Kerosene light
- 25. Rudolph Diesel French - German reads a book by Sadi Carnot 1881 patent ice maker
- 26. At first, his submission is declined as being "not original", however, after an appeal, a patent is granted on February 28, 1892. Has 15 years of protection Receives patents in Germany, United States, and England Financial Capital Maschinefabrik Augsburg
- 27. John D. Rockefeller Buys first refinery 1865 Starts Standard Oil 1870 Controls 90% of U.S. oil market 1890
- 28. Standard Oil Blue Barrel of Oil bbl 42 U.S. gallons 159 liters allow for evaporation and leakage to 40 gallons
- 29. Henry Ford automobile innovator Starts Ford Motor Company 1903
- 34. Wright Brothers
- 41. Damman No. 7 March 3,1938 Dhahran Standard Oil Rockefeller World’s most valuable company
- 42. Hans von Ohain German 1939 Gas Turbine
- 43. Gas Turbine
- 44. Frank Whittle U.K. May 15, 1941 First Jet Aircraft Flight
- 45. Kerosene Fuel
- 46. Whales to 747s
- 62. How is a Company Valued? Market Capitalization or Market Cap Share Price x Number of Shares
- 63. Two Returns Return On: Dividends Return Of: Resale