Teapot Dome scandal Teapot Dome was regarded as the "greatest and most sensational scandal in the history of American politics". It damaged the reputation of the Harding administration, which was already severely diminished by its controversial handling of the Great Railroad Strike of 1922 and Harding's veto of the Bonus Bill in 1922. In the early 20th century, the U.S. Navy largely converted from coal to fuel oil. To ensure that the Navy would always have enough fuel available, several oil-producing areas were designated as naval oil reserves by President Taft. In 1921, President Harding issued an executive order that transferred control of
World oil market chronology from 2003 use hydraulic fracturing in the United States, combined with the US$12 million upfront well drilling and construction costs, provide incentives to oil producers to continue to flood the already glutted market with under-priced oil in spite of crude oil storage limitations. Many less efficient and less productive older wells were shut down but these shale oil wells continue to increase production while making a profit in a market where crude oil is priced as low as US$50 a barrel. In 16 April the price of WTI hit a high of $56.52 for 2015 following the publication of the monthly review