Final answer:
Edwin Drake's development of oil drilling technology marked the beginning of modern petroleum production, leading to increased supply and lower costs. This innovation allowed for new products from petroleum, significantly growing the oil industry and impacting the global economy and geopolitics.
Step-by-step explanation:
The technological innovations developed by Edwin Drake, particularly the use of a drilling rig for oil drilling, had a profound impact on the petroleum industry. Drake's innovation, often regarded as the first commercial oil well, allowed for the efficient extraction of oil from the ground. Prior to this, oil was typically collected from surface seeps or mined, methods which were far less efficient and limited in scale. Drake's drilling technology enabled the growth of the oil industry by tapping into vast underground oil reserves. This innovation spurred large-scale production, decreasing the cost of oil and leading to the creation of new petroleum products such as kerosene and later, gasoline.
Increased petroleum production encouraged the development of the internal combustion engine and the automotive industry, forever changing transportation. Additionally, new products like plastics and synthetic rubbers emerged. The economic effects of these technological advancements are manifold, contributing to job creation, changes in energy markets, and the stimulation of related sectors ranging from transportation to chemicals. As oil became the world's primary fuel source, its availability and price started to play a significant role in determining economic growth and the geopolitical landscape.