The film follows the rise to power of Daniel Plainview (Daniel Day Lewis) a hard working and charismatic oil prospector at the turn of the century. After hitting it big with a well, he moves down to southern California, looking for other prospects. One night a young man by the name of Eli Sunday (Paul Dano), comes to his office telling him he knows of a place with oil where he could drill. In exchange of 500 dollars, he gives Daniel the exact location of the place, where his family's ranch is, in Little Boston, California.

Daniel Plainview goes there to scout the location and senses there is oil indeed to be found. He buys up land and brings his crew. Eli Sunday also turns out to be a religious freak and an antagonism develops between him and Daniel and Eli makes various requests to build his church. Eventually they find large quantities of oil and when Eli walks to Daniel and demands money, Daniel assaults him, making him eat mud.

This monologue takes place at Eli's house while he is having dinner with his father and family. Eli stares at his father that he considers the cause of his pains and he thinks he let Daniel move in their land and drill for oil. He feels it could have been all theirs and that he fucked up. The monologue starts in a low angry tone and then escalates to pure anger and he flips out and assaults his own father....