Same thing happened to whale oil when it got scarce:
Over a span of 35 years which embraced the Civil War, whale oil ranged from 30 1/2¢ per gallon to $1.92 according to the following prices which are taken from Eaton's book, "Petroleum", 1866:
|
1831
|
$0.30
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1/2 gallon
|
|
|
1843
|
$0.63
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1/2 gallon
|
|
|
1854
|
$1.92
|
1/2 gallon
|
|
|
1866
|
$1.28
|
1/2 gallon
|
|
Another source mentions that the average price from 1845 to 1855 was $1.77 per gallon (Stotz, 1938).
In the war year 1864, the price per 35 gallon barrel was $67.20. It is not known if this is sperm whale oil or oil from any species.
Sperm whale oil commanded a higher price just like better tubes.
If it's not one thing, it's another.
All the best,
Nonoise