April 06, 2006
It had lasted six months after Ellis Wyatt had gone – that period which a columnist had gleefully called "the field day of the little fellow." Every oil operator in the country, who owned three wells and whined that Ellis Wyatt left him no chance of livelihood, had rushed to fill the hole with Wyatt had left wide open. They formed leagues, cooperatives, associations; they pooled their resources and their letterheads. "The little fellow's day in the sun," the columnist had said. Their sun had been the flames that twisted through the derricks of Wyatt Oil. In its glare, they made the kind of fortunes they had dreamed about, fortunes requiring no competence or effort. Then their biggest customers, such as power companies, who drank oil by the trainful and would make no allowances for human frailty, began to convert to coal – and the smaller customers, who were more tolerant, began to go out of business – the boys in Washington imposed rationing on oil and an emergency tax on employers to support the unemployed oil field workers – then a few of the big oil companies closed down – then the little fellows in the sun discovered that a drilling bit which had cost a hundred dollars, now cost them five hundred, there being no market for oil field equipment, and the suppliers having to earn on one drill what they had earned on five, or perish – then the pipelines began to close, there being no one able to pay for their upkeep – then the railroads were granted permission to raise their freight rates, there being little oil to carry and the cost of running tank trains having crushed two small lines out of existence – and when the sun went down, they saw that the operating costs, which had once permitted them to exist on their sixty-acre fields, had been made possible by the miles of Wyatt's hillside and had gone in the same coils of smoke. Not until their fortunes had vanished and their pumps had stopped, did the little fellows realize that no business in the country could afford to buy oil at the price it would now take them to produce it. Then the boys in Washington granted subsidies to the oil operators, but not all of the oil operators had friends in Washington, and there followed a situation which no one cared to examine too closely or to discuss.
From Ayn Rand's Atlas Shrugged
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