[Facebook] Data Is the New [Standard] Oil

Man at the Crossroads by Diego Rivera (via Gumr51 CC BY-SA 3.0, Wikimedia Commons)

You’ve heard the phrase “data is the new oil,” right?

It was first used by Clive Humby, a British mathemetician and architect of Tesco’s loyalty program called Clubcard, in 2006. He said, “It’s valuable, but if unrefined it cannot really be used.”

The phrase has been repeated many times since 2006, and most recently, many pundits have taken exception to it. The…