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Posted AT 11:37 PM EDT on 20/05/05

Welcome to the age of scarcity

BARRIE MCKENNA

From Saturday's Globe and Mail

Washington — After two months of fruitless drilling, Austrian-born mining engineer Anthony Lucas was ready to give up on ever finding oil beneath a sandy hill in southeastern Texas. Then suddenly, the ground rumbled and a jet of greenish-black crude shot out of the Spindletop well, spewing oil 60 metres into the air. The massive gusher on January 10, 1901, marked the dawn of the age of oil.

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Welcome to the age of scarcity

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