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In the spring of 1931, in a rugged desert canyon on the Arizona-Nevada border, an army of workmen began one of the most difficult and daring building projects ever undertaken: the construction of Hoover Dam. Through the worst years of the Great Depression as many as five thousand laborers toiled twenty-four hours a day, seven days a week, to erect the huge structure that would harness the Colorado River and transform the American West.

In a 40-year career as an oil and gas investment analyst and as an investment banker and strategic adviser on petroleum-sector mergers, acquisitions, and financings, Thomas A. Petrie has witnessed dramatic changes in the business. In Following Oil, he shares useful lessons he has learned about domestic and global trends in population and economic growth, a maturing resource base, variable national energy policies, and dynamic changes in geopolitical forces.

As the 20th century began, oil in Texas was easy to find, but the quantities were too small to attract industrial capital and production. Then, on January 10, 1901, the Spindletop gusher blew in. Over the next 50 years, oil transformed Texas, creating a booming economy that built cities, attracted out-of-state workers and companies, funded schools and universities, and generated wealth that raised the overall standard of living - even for blue-collar workers. No other 20th-century development had a more profound effect upon the state.

From wood to coal to oil and gas, the sources of energy on which civilization depends have always changed as technology advances. Now renewables are overtaking fossil fuels, with wind and solar energy becoming cheaper and more competitive every year. Growth in renewable energy will further accelerate as electric vehicles become less expensive than traditional automobiles. Understanding the implications of the energy transition will prepare us for the many changes ahead.