Whale oil was a dominant, albeit barbaric, lighting fuel in the 19th century. But what happened to pricing as the industry was disrupted by kerosene and ultimately by electric lighting? We find whale oil pricing maintained a 25x premium to rock oil and outperformed other commodities as the whale oil market collapsed. As whaling declined, the prices of by-products (e.g. whale bone) also rallied very sharply. This 8-page note presents our analysis of the whaling industry from 1805 to 1905 and draws implications for the future of the oil and gas industry.