reSee.it Video Transcript AI Summary
Speaker 0 discusses the historical shift of petroleum from a lubricant to a fuel as industries like motors, axles, wheels, and railroads developed. He asserts that Rockefeller was the smartest man in the business at the time and that, to raise prices, they decided to make petroleum appear scarce. He references a 1892 Geneva convention of scientists determining what organic substances are, noting that organic means a substance with hydrogen, oxygen, and carbon. He claims Rockefeller took advantage by sending scientists who stated that oil, petroleum, is hydrogen, oxygen, and carbon, and he states that oil is defined as a residue from formerly living matter, which he says makes it a fossil fuel. He adds that there has never been a real fossil found below 16,000 feet, and that oil is drilled at depths of 30,000 to 33,000 feet every day, implying a contradiction with the fossil-fuel definition. He argues that this fact rules out oil as a fossil fuel and explains that labeling it as fossil fuel is intended to make the public feel it is an asset that is running out or being depleted. He mentions depletion allowances as part of this narrative. He then asserts that if one knows the world’s oil supply, it is not going to run out for an awfully long time, and claims it is the second most prevalent liquid on earth.