It was 2008, after the Lehman Brothers bankruptcy. Markets were in turmoil. Banks were failing left and right. I worked at a major investment bank, and while I didn’t think the disastrous deal I’d done would cause its collapse, my losses were quickly decimating its commodities profits for the year... [more inside]
Oil may be king of the commodities, but its physical form is tough to come by for a retail investor. Mom and pop can buy gold and silver. They can gather aluminum cans, grow soybeans, and strip copper wiring, if they choose, but oil remains elusive—and for very good reason. Oil, as I would soon discover, is practically useless in its unrefined form. It is also highly toxic, very difficult to store, and smells bad.
Up through Los Angeles came a bubblin' crude: Southern California was the Kuwait of the Jazz Age, turning a religious piano teacher into an oil baroness
"In 1925, California supplied [much] of the world’s oil (Google quickview, original PDF) and much of it came from pumps in the Southland (quickview, PDF). To date, around 9 billion barrels of oil have been produced in the Los Angeles area. There are still over 30,000 active wells here pumping around 230 million barrels of oil a year, making Los Angeles County the second most productive oil county in California (although the quality of the oil here is somewhat low by today’s standards). There are 55 known oil fields in the Los Angeles area and 11 of them are located in a very urban context. This setting makes the oil extraction process in Los Angeles unique." Things to do in LA: Urban Oil Wells In Los Angeles, Part I and Part II. [more inside]