Scranton Coal Strike, Oil Rations & Biomass Scales Up
This Week in Energy History for Wednesday June 18.
From the Energy Desk, June 18, where history isn’t just something we remember—it’s something we invest in. Today in energy history is a day that’s seen everything from black gold strikes to bright flashes of nuclear light, all of which shaped the modern energy landscape.
Let’s turn the clock back to June 18, 1979, where the global energy world was gripped by crisis. It was the height of the second oil shock, as President Jimmy Carter gave a national address outlining gasoline rationing and urging Americans to cut consumption due to the Iran hostage situation. Oil prices doubled, energy inflation took center stage, and U.S. policy shifted—permanently. This was the inflection point that birthed the U.S. Department of Energy’s Strategic Petroleum Reserve as a core component of national security.
Flash forward to June 18, 1959, and we find ourselves in Venice, Louisiana, where Humble Oil—now part of ExxonMobil—launched the world's first mobile offshore drilling platform in the Gulf of Mexico. It was a revolution. Before this, offshore meant close to shore. After this? Deepwater became a frontier. The innovation would ignite a new era of capital flow into offshore lease auctions, and build the financial foundation of today’s supermajors.
On the nuclear front, June 18, 1954, the Soviets turned science fiction into reality. The Obninsk Nuclear Power Plant officially began supplying electricity to the grid—the first in the world to do so. Just 5 megawatts, but it proved peaceful nuclear energy wasn’t a Cold War myth—it was real, and competitive. The market implications were enormous. Nuclear stocks surged in the ‘50s. GE, Westinghouse, and others saw orders spike globally. A silent but steady arms race turned energy race was underway.
Over in coal country, June 18, 1901, marked a turning point in Pennsylvania when the Scranton Coal Strike was called. It wasn’t just about wages—it was about the monopoly the coal barons had on energy. President Theodore Roosevelt would intervene months later, laying the groundwork for federal labor mediation and revealing just how central coal had become to national infrastructure—and investor confidence. U.S. Steel and coal trusts took notice; diversification would soon become a hedge, not just a strategy.
Hydrogen and geothermal don’t often get their headlines in history, but June 18, 1984, saw Iceland’s Nesjavellir Geothermal Plant go operational in test mode. It paved the way for Iceland becoming nearly 100% renewable. That same year, Toyota began low-level R&D into fuel cell technology in response to Japanese energy security concerns. The hydrogen story was still a whisper—but the seeds were planted for the fuel cell future now taking shape.
Let’s not forget biomass. On June 18, 2008, California’s San Joaquin Biomass Facility began scaling up its renewable feedstock intake amid growing state mandates. Though small, it was symbolic: a move away from landfill-bound organic waste toward energy production. It catalyzed state-level incentives and biomass RIN credits that would make their way into the Renewable Fuel Standard market.
And finally, a lighter note with long-term weight: On June 18, 1982, the New York Mercantile Exchange (NYMEX) expanded its energy futures trading to include options contracts on heating oil and gasoline. This added a new layer of financial sophistication and volatility hedging to energy markets—one we still see play out every earnings season, every geopolitical flare-up.
So whether it's fossil fuels, fissile atoms, or futuristic fuel cells, June 18 has always kept the energy sector moving—and markets watching. How will you contribute to June 18’s energy industry?
And that’s today’s Energy History Market Brief. Until tomorrow, keep your eye on the past—it fuels your future.
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Tom,
An enjoyable read and reminder of significant historical events in history. Thank you.