Home > Work > The Prize: The Epic Quest for Oil, Money, and Power

The Prize: The Epic Quest for Oil, Money, and Power QUOTES

29 " committed a small oversight, and yet one that almost destroyed their venture. They had assumed that they would deliver the kerosene in bulk to various localities, and that the eager customers would line up with their own receptacles to be filled. The customers were expected to use old Standard Oil tin cans. But they did not. Throughout the Far East, Standard’s blue oil tins had become a prized mainstay of the local economies, used to construct everything from roofing to birdcages to opium cups, hibachis, tea strainers, and egg beaters. They were not about to give up such a valuable product. The whole scheme was now threatened—not by the machinations of 26 Broadway or by the politics of the Suez Canal, but by the habits and predilections of the peoples of Asia. A local crisis was created in each port, as the kerosene went unsold, and despairing telegrams began to flow into Houndsditch. In the quickness and ingenuity of his response to the crisis, Marcus proved his entrepreneurial genius. He sent out a chartered ship, filled with tinplate, to the Far East, and simply instructed his partners in Asia to begin manufacturing tin receptacles for the kerosene. No matter that no one knew how to do so; no matter that no one had the facilities. Marcus persuaded them they could do it. “How do you stick on the wire handles?” the agent in Singapore wrote to Samuel’s representative in Japan. Instructions were sent. “What color do you suggest?” cabled the agent in Shanghai. Mark gave the answer—“Red! "

Daniel Yergin , The Prize: The Epic Quest for Oil, Money, and Power