Since 1859, when massive deposits of oil were discovered in Pennsylvania, it has been the lifeblood of the US. In time, Pennsylvania’s oil would be eclipsed by that found in Texas, North Dakota and Oklahoma. In the early 1900s, the US was, far and away, the world’s largest oil producer. With the advent of motorized vehicles, oil/gasoline became an essential worldwide staple.
Used widely for transportation, heating, asphalt, and lubrication, today’s pump prices reflect the large amount of “black gold” now imported from other countries including Russia. In that regard, the war in Ukraine has created a greater strain. That could mean taking a second look at oil imports.
Consider, that a huge oil tanker’s engines burn over 2,500 gallons of diesel fuel per hour and it takes about 35 to 45 days for that tanker to travel from Russia or the Middle East to the US. (I promise this isn’t a math word question.) That means one trip to the US uses over two million gallons of fuel. On top of that, the exhaust from that tanker produces over 58,000 pounds of atmospheric carbon per hour or 25 million tons per trip. In comparison, one car produces six to nine tons of CO2 per year. That may put a whole new perspective on domestically produced oil and pipelines....
Over the past 60 years, collectible postage stamps, coins and paper currency from many countries have visually underscored the prominence of oil being the lifeblood of the world. Canada was the first, in 1958, with a five-cent stamp saluting the petroleum industry. It showed a chemical beaker.
The US followed in 1959, with a four-cent stamp showing a vintage oil derrick reminiscent of those that once dotted Pennsylvania and Texas. The stamp is brown and fairly simple but salutes the centennial of oil in the US. It’s currently worth exactly its face value – four cents.
Once oil became globally indispensable, images of its production extended to legal tender currency. Many nations including Saudi Arabia; Albania; United Arab Emirates; India; Nigeria; Libya and others have included images of oil rigs and drilling platforms on their paper money. Nigeria and the UAE have even included them on some of their metal coins.
A few decades ago, as a more “fossil-free” era dawned, collectible stamps showcasing new incarnations of energy development were created. A 20-cent US stamp spotlighting the development of solar energy was issued in 1982 for the Knoxville World’s Fair. Other stamps with images of windmills and turbines promoting wind power have been released in the US; Australia; Sweden; Canada; Japan; Portugal and countless other countries. More are regularly being released offering prospects for alternative energies.
While no topical petroleum-related stamp, coin or paper currency is currently rare enough to have a value equal to even one barrel of oil (now about $100), they do make for an intriguing area of topical collecting. For a young person in school looking for a winning exhibit showcasing the global reliance on energy, many of those stamps, coins and currency underscore our present situation and potential future options. It’s something to think about for a merit badge or current-events school project.
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Regarding Russian oil and the crisis in Ukraine, it’s interesting to note the price rise of gold (the yellow kind). After all, gold is where many turn for solace in uncertain times.
20 years ago, gold was just $300 per ounce. A decade later, it had climbed to $1,600. It fell to around $1,000 an ounce for quite a while. Now, things have again changed.
Four weeks ago, just after Russia invaded Ukraine, the price spiked to $2,050. Recently it settled to $1,950. Of course, we are still living in the unknown. Some say on the doorstep of World War III.
So, what is the best form to own gold? The American Eagle gold coin is still the most internationally recognized. Coin dealers sell those in one-ounce round coins. Smaller fractional sizes are also popular. The smaller gold coins are the type people fleeing the Nazis in the 1940s took with them stashed in the hems of pants and linings of coats.
One way not to own gold appears to be in larger 10-ounce bars. First, they cost a fortune. Second, dealers are paying $100 per ounce less for the bars than for ten one-ounce coins. Evidently, there just isn’t as robust a secondary market for the hefty bricks. Just a word to the wise.
For more collecting advice, visit www.peterexford.blogspot.com