OIL DISCOVERED IN THE MIDDLE EAST
Today, more than ever, oil is on everyone's minds. This weekend in California the price of a gallon of gas rose above $4. Five years ago when I move to California gas was $1.63 a gallon, and I thought that was expensive.
On May 26, 1908 a British team discovered oil in Persia (now Iran) after 7 years of searching. William D'Arcy had sent explorer George Reynolds to the Middle East to find oil. D'Arcy was about to lose everything he owned funding the fruitless expedition until Reynolds made one last attempt at drilling and struck oil on this date 100 years ago. The company would later become know as British Petroleum or BP as we know it now.
Today record high oil prices are making oil companies record profits and causing hardships on consumers and the economy. In 2003 a barrel of oil cost around $30. Today it cost $133.
Here is a clip from Werner Herzog's 1992 film "Lessons Of Darkness" about the oil fires after the Gulf War in 1991.
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