“Let’s not politicize oil!” How many times have you heard that admonition?
It was first coined in the late 19th century, when oil was beginning to emerge as the key lubricant of a modern industrial society. Having started as a new venture by private entrepreneurs, what took shape as the oil industry soon attracted the attention of all major industrial nations. By the early 20th century most of them had set up their national, that is to say state-owned, oil companies, thus making oil political while insisting that it shouldn’t be politicized. (The US alone didn’t and still doesn’t have a state-owned oil company.) From the start, the biography of oil has included another theme: fear of the world running out of oil. In the 1930s a report prepared for the British admiralty warned that oil may become “a scarce resource” within a couple of decades.
