 This is the history of whale oil production from the Yankee fleet from New England in the United States from the year 1800 on your left to the year 1880 on your right and you'll see that they got better and better at whaling and then they went over peak whale oil and down the other side a Lot of this was things like there's a civil war over here when some whaling ships were sunk to block southern harbors The whaling fleet is crushed in the ice off of Alaska over here and insurance prices go through the roof But they were up off of Alaska because they couldn't find whales anywhere else And that's what was going on now here. There are 10,000 men on ships out of New England looking for whales in the world oceans And there's lots more people working in New England to process the whale oil and what have you because you Kill the whale and you boil the whale to make the oil But then all the pieces of the whale were used for various things now as they got better at Whaling the price went down and the low point here is about $7 a gallon for whale oil that was used in lamps as soon as peak whale oil was hit The price of whale oil went up to $23 a gallon and this is the equivalent of modern money And so what you find is it's not when you run out of the resource that the price goes up It's as soon as the resource starts to get scarce Now indeed the free market worked in some sense people went up the the road from where I'm speaking to you And they drilled the first modern oil well the Drake well in 1859 But you'll notice even that didn't really bring the price back down All of this oil a hundred years of whaling 10,000 men at the peak Collected as much whale oil as about one week of modern US oil imports So there's really no chance that we can actually go back to the way we used to do things