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

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 ***** oil rush. This was to lead ***** ***** construction of the first oil refinery in 1861. ("Oil Industry") Subsequently, ***** the 19th century many of ***** larger oil companies were founded. During the Civil War, John D. Rockefeller was to invest in oil and Standard ***** as created in 1870. ***** company "...ref*****ed about 95% of the United States' oil in 1880" ("Oil Industry"). However ***** ***** ***** split into ***** the thirty companies in 1911 due to the fact that it was declared an illegal monopoly. Among *****se new comp*****ies were Esso or Exxon, Mobil, Chevron, Atlantic Richfield (*****r ARCO), and Amoco. Shell (1907) and British Petroleum (1909) were also established in this period. ("Oil Industry")

The *****crease in the production of automobiles and *****ir common use ***** 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 industry, but new inventions such as the automobile and ***** airplane ***** petroleum as fuel..." (Petroleum Industry).

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

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


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