Essay - The Oil Industry 1. the Oil Industry: Background and History...


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The Oil Industry

*****. The oil industry: background and history

In historical terms the ***** industry began more than five thousand years ago. In ***** Middle East oil was used in"... waterproofing boats and baskets, in pa*****ts, lighting ***** even for medication" (History of the ***** *****). ***** and oil usage is evident in human society ***** in ancient times where the use ***** ***** was ***** for medical, domestic and building purposes and not seen as a fuel as it ***** today. For example, The Bible refers to pitch being used ***** building purposes in the cementing of the walls of Babylon. (History of Oil Use) Even as late as ***** 1800s, oil ***** seen as "...a disinfectant, a vermin killer, hair oil, boot grease, and a cure for kidney stones" (History of *****). In the 4th century the Chinese drilled ***** oil and natural gas. ("Oil *****dustry")

However when whale oil became less abundant *****re was a search for news ways to obtain oil. The first modern oil well ***** dug by Edwin Drake in Titusville, Pa, which began the ***** ***** rush. This was to lead ***** the construction ***** the first oil refinery in 1861. ("***** Industry") Subsequently, in ***** 19th century many of the larger oil companies were founded. During the Civil War, John D. Rockefeller was to invest in oil and Standard Oil as created in 1870. This company "...ref*****ed about 95% ***** the United States' oil in 1880" ("Oil Industry"). However Standard Oil ***** split into more ***** thirty companies in 1911 due to the fact that it was declared an illegal monopoly. Among these new companies were Esso or Exxon, Mobil, Chevron, Atlantic Richfield (*****r ARCO), and Amoco. Shell (1907) and British Petroleum (1909) were also established ***** this period. ("***** Industry")

The increase in the production of automobiles and *****ir common use also influenced the oil industry ***** spurred its growth. "In 1900, worldwide crude oil production stood at nearly 150 million barrels. Illuminants served as ***** primary product of the oil *****, but new inventions such as the automobile and the airplane ***** petroleum as fuel..." (Petroleum *****).

***** ***** increased the need for ***** oil resources ***** ***** large Texas oil fields were exploited in the 1930's. Furthermore, *****, Texaco, Exxon, and Mobil expanded their oil reserves by "...purchas*****g the rights to the extensive Saudi Arabian oil fields ***** only $50,000 from ***** king In 1946 ***** replaced coal as the world's most popular energy source" ("Oil Industry"). In a more contemporary sense the oil industry as we know it today began in the early 1900s; and escal*****ed with the advent of World War Two; while before had been an oversupply of oil ***** the war, the advent of World War Two "...***** government the importance of having a safe supply ***** *****" (History of Oil).

***** extremely important part ***** ***** history of the oil industry is ***** formation of Organization ***** Petroleum Exporting Countries (OPEC) in 1960.

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