Caltex Pacific Indonesia, Occidental’s Tragedy & Oil Prices Hit All-Time Nominal High
Plus the birth of the Texas Railroad Commission's ultimate power in one of the most influential state agencies in U.S. economic history.
Welcome back to Petro Playback, the daily rewind where each tick of the calendar reveals another chapter in the saga of energy, enterprise, and endurance.
It’s July 8, and from policy playbooks to pipeline welds, the U.S. oil and gas story continues to unfold—always under pressure, and never without consequence.
Let’s open the wellhead of history and see what’s bubbling up on today’s date.
🛢️ EVENT NUMBER ONE – JULY 8, 1918: The Birth of the Texas Railroad Commission’s Oil Oversight
Though the Texas Railroad Commission had existed since the 1890s, it was on July 8, 1918 that the state of Texas gave the commission full regulatory control over oil pipelines, declaring them public utilities. This move became the groundwork for the TRC’s later dominance over oil production quotas in the 1930s and ’40s.
In effect, Texas created the first domestic oil cartel—a role it would quietly play for decades, helping stabilize prices and moderate boom-bust cycles. The legacy? One of the most influential state agencies in U.S. economic history.
🌍 EVENT NUMBER TWO – JULY 8, 1960: Chevron Makes a Major Find in Indonesia
Chevron, then operating as Caltex Pacific Indonesia, announced on this date the discovery of a vast oil reservoir near Minas, Sumatra—a field that would become one of Southeast Asia’s largest.
The Minas Field put Indonesia on the map as a crude exporter and elevated Chevron’s international profile. It also illustrated the growing dependence of Western energy security on geopolitics, and foreshadowed the OPEC-plus conversations of the future.
🔥 EVENT NUMBER THREE – JULY 8, 1985: Occidental’s Tragedy at Piper Alpha
The Piper Alpha disaster, the deadliest offshore oil tragedy in history, occurred in the North Sea on July 6, but on July 8, 1985, the final death toll—167 men—was officially confirmed. This tragedy led to a complete overhaul of offshore safety procedures, including independent regulatory authorities and major design improvements across the globe.
Energy independence and oil production come with a price. Piper Alpha reminds us of the unforgiving risks behind every platform flare and every paycheck earned on the rig.
🛢️ EVENT NUMBER FOUR – JULY 8, 2008: Oil Prices Hit All-Time Nominal High
It was on this day in 2008 that West Texas Intermediate (WTI) crude hit its highest-ever nominal price: $147.27 per barrel.
Spurred by fears of Iranian conflict, collapsing confidence in the dollar, and speculation on global demand, the price spike triggered an avalanche of reactions—alternative energy funding, SUV sales plummeting, and shale development gaining urgency.
It was short-lived—prices collapsed just months later—but July 8, 2008 became the “altitude sickness” moment for global energy markets.
🧴 PETRO PRODUCT SPOTLIGHT – Freezer Pops
Yes, that childhood summer staple—those brightly colored freezer pops—are a petroleum product.
From the LDPE (low-density polyethylene) plastic tubing to the synthetic dyes and flavor carriers, nearly every component is touched by oil and gas. Even the machines that package them use petroleum-based lubricants.
So the next time you rip open a plastic sleeve of frozen sugar on a stick, remember: you’re cooling off with a little help from hydrocarbons.
Also, it’s National Freezer Pops Day!
🔬 DID YOU KNOW? OF THE DAY – Crude Oil Is Naturally Magnetic
Here’s a surprising truth: heavy crude oil contains trace amounts of ferromagnetic metals, including iron, nickel, and vanadium.
This trait is actually used in magnetic filtration, a technique that removes metallic impurities during refining. It also helps scientists identify the geological age and origin of certain oil deposits. So in a way, oil doesn’t just burn—it points north.
🏞️ COMMUNITY SPOTLIGHT – Rock Springs, Wyoming
Home to just over 20,000 people, Rock Springs sits atop the Green River Formation, one of the richest shale and oil-bearing zones in the Rocky Mountain West.
Known for its coalbed methane and tight oil, Rock Springs has long been a frontier town for unconventional extraction. It was one of the first communities to embrace carbon capture pilot projects and enhanced recovery R&D. With a skilled workforce, deep resource base, and partnerships with the University of Wyoming, this isn’t just a town—it’s a testbed for energy innovation.
🤝 PUBLIC-PRIVATE PARTNERSHIP SPOTLIGHT – NETL and CarbonSAFE
One of the most ambitious PPPs in the energy sector is CarbonSAFE, a DOE-sponsored initiative coordinated through the National Energy Technology Laboratory (NETL).
Partnering with universities, utilities, and private oil companies, CarbonSAFE is developing large-scale carbon storage solutions in deep saline formations across the Midwest and Gulf regions.
CarbonSAFE
Initial Funding: A $2.25 billion funding opportunity has been made available under the BIL for CarbonSAFE projects.
Awarded Projects: So far, about $595 million has been awarded for 23 projects.
Projects Under Negotiation: An additional approximately $560 million for 24 selected projects is still under negotiation with DOE.
Previous Investments: FECM had already announced over $816 million in investments since January 2021 for carbon transport and storage technologies, which includes projects under the CarbonSAFE initiative. This includes:
$242 million for nine storage projects selected in May 2023.
$444 million for 16 projects selected in November 2023.
Specific Project Awards: The University of Wyoming, for instance, received $40.5 million from the DOE for a new CarbonSAFE project in the Greater Green River Basin.
NETL
The National Energy Technology Laboratory (NETL), under the purview of FECM, manages the selected CarbonSAFE projects. While the exact total public funding specifically for NETL isn't clearly stated in the search results, it's involved in administering and managing these CarbonSAFE funds. The Bipartisan Infrastructure Law provided a total of $12.1 billion to drive emissions reductions with carbon management technologies, according to the Clean Air Task Force.
Its goal: demonstrate secure geologic storage of CO₂ at scale—an effort with implications for both energy producers and carbon-conscious investors. In other words, it’s a partnership trying to prove that you can burn it, capture it, and store it—all within the borders of a free-market economy.
💬 QUOTE OF THE DAY
Rex Tillerson – Former CEO of ExxonMobil
"Energy is fundamental to our economy. Securing access to it is a matter of national security."
Tillerson’s words ring true on July 8 and every other day of the year. In the boardroom or on the rig site, sovereignty isn't a flag—it's a fuel source.
🏦 THE CRUDE LIFE VAULT
Texas Railroad Commissioner Jim Wright and The Crude Life founder Jason Spiess talk about renewable energy and aviation in energy. He also recommends to “follow the money” when preparing for 2022 and beyond.
🧭 FINAL THOUGHT – ENERGY INDEPENDENCE ISN’T A FEELING. IT’S A FUNCTION.
Whether it’s 1918 pipeline regulation or 2008 price peaks, July 8 tells us that independence must be built, protected, and sometimes relearned.
It’s not about who owns the well. It’s about who owns the decision to turn the valve.
This has been Petro Playback for July 8 reminding you that when freedom meets geology, the result isn’t theory—it’s throughput.
Until tomorrow—stay drilled in, stay diversified, and stay petro-wise.
Petro Playback prepared and written by Jason Spiess. Spiess is an multi-award-winning journalist, entrepreneur, producer and content consultant. Spiess, who began working in the media at age 10, has over 35 years of media experience in broadcasting, journalism, reporting and principal ownership in media companies. Spiess is currently the host of several newsmagazine programs that air across a 22 radio stations and podcasts worldwide through podcast platforms, as well as a combined Substack and social media audience of over 500K followers.
Everyday your story is being told by someone. Who is telling your story? Who are you telling your story to?
Email your sustainable story ideas, professional press releases or podcast submissions to thecontentcreationstudios(AT)gmail(DOT)com.
CLICK HERE FOR SPECIAL PARAMOUNT + DISCOUNT LINK
One show. Infinite adventures.
In the new season of Star Trek: Strange New Worlds, Captain Pike leads his crew to uncharted worlds and daring new missions. Watch the trailer below:
Paramount+ offers its subscribers a plethora of quality content.
From instant classic films to banger TV shows like 1883 and Tommy Boy, there’s no shortage of entertainment to explore.
How about the new series Happy Face? It’s getting fabulous reviews.
Start Streaming Today!
CLICK HERE FOR SPECIAL PARAMOUNT + DISCOUNT LINK
