OIL HAS ALWAYS BEEN, to me, one of the most exciting commodities produced. It is, of course, one of the great sources of energy. I believe that a very convincing argument can be made to demonstrate that whoever controls sources of energy can control the most vital aspects of human life.
Because the internal-combustion engine is so much a part of our daily life, it has become literally impossible for the majority of us to live without oil. Now I'm not speaking of oil only as a fuel. I know that when I was in London on my first trip shortly after V-E day, cars and trucks and buses were being driven by all sorts of weird combinations of steam and electric batteries and what not. But sooner or later these machines getting along without gasoline would have ground to a halt without lubricating oils to keep their metal parts from grinding, heating, and breaking. Charles Van Bergen told me that both Germany and Japan finally had to give up offensive war because they both ran out of lubricants. You may do without fuel oil and without gasoline and without a dozen derivatives of crude oil, but you cannot do without lubricants, and until some smart chemist comes up with a substitute for lubricating oil, crude oil is going to be king. And