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

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The Oil Industry

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

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

The ********** in the production of automobiles and their 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 the primary product of ***** oil industry, but new inventions such as the automobile and the airplane ***** petroleum as fuel..." (Petroleum *****).

This also increased the need for ***** oil resources ***** the large Texas ***** fields were exploited in the 1930's. Further*****, Chevron, Texaco, Exxon, and Mobil expanded their oil reserves ***** "...purchas*****g the rights to the extensive Saudi Arabian oil fields ***** only $50,000 from the king In 1946 oil 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 escalated with the advent of World War Two; while before had been an oversupply of oil ***** the war, ***** advent of World War Two "...***** government the importance ***** having a s*****fe supply of oil" (History of *****).

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


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