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You mentioned in one of your last talks that petroleum wasn't what we thought it was,

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that it wasn't a fossil fuel, that it didn't come from fossil animals.

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Is it just a mineral? Is it a mineral like any other mineral?

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Is that how it, what would you say?

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What's the origin of petroleum?

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When they first found petroleum, because they were beginning to make motors

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and needed on axles or wheels on railroad trains and all that sort of thing,

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and remember trains started in the beginning of the 19th century,

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then oil went from just a lubricant to a fuel, and it made it valuable.

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And Rockefeller happened to be the smartest man in the business at the time,

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but he made a lot of, most of his money, or much of it, off the transport of the petroleum as well as selling it.

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But one thing they realized was, if you, because oil, oil is, putting a price on oil is like putting a price on a pail of water,

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you know, no initial cost is in the ground, and in those days they were,

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some of it, almost what you'd call surface mining the oil, they didn't go down deep.

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So in order to get the price up, they hit on the idea that they would have to make it appear to be scarce,

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that they're, that boy, after we take the next few barrels out, we're probably going to have to close as well,

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you know, that kind of thing.

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We're very fructuitous event.

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In 1892, there was a convention in Geneva of scientists to determine what organic substances are.

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Well, the definition of organic is a substance with hydrogen, oxygen, and carbon,

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and so it's usually a living substance, a tree.

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You analyze a dead tree, hydrogen, carbon, and oxygen, and grass, and so on, living things, animals.

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We are hydrogen, oxygen, and carbon.

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So at this Geneva Convention, Rockefeller took advantage of sending some scientists over

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who said, oil, petroleum, is hydrogen, oxygen, and carbon.

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Therefore, it must be derived from the spoiling, the rotting of formerly living matter.

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And playing the game properly, when the scientific convention was over,

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they defined oil as the residue from formerly living matter.

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Well, that makes it a fossil fuel.

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I don't know why they decided to use the word fossil, but it says formerly living matter.

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It's fossil.

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Well, of course, today, and another thing we should know is that there has never been a fossil,

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a real fossil found below 16,000 feet.

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And you can't argue with 16,000 as a level line because someplace the ground sinks and so on,

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but 16 is what the scientists say, 16,000.

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We mine oil, or we drill for oil at 30,000, 33,000, 28,000 every day of the week.

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So right there, we rule it out that it isn't fossil fuel.

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It's called fossil fuel for the minds of the public to feel that it is an asset that is running out,

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being depleted.

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We talk about depletion allowance, which is a lot of, you know.

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And actually, if you know the world's oil supply,

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you know that it is not going to run out for an awfully long time.

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It is the second most prevalent liquid on Earth.

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You know, pretty much if you're moving.