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

***** when whale ***** became less abundant *****re was a search for news ways to obtain oil. The first modern ***** well ***** dug by Edwin Drake in Titusville, Pa, which began the ***** oil rush. This was to lead to ***** construction of the first ***** refinery in 1861. ("***** Industry") Subsequently, in the 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 "...refined about 95% ***** the United States' ***** in 1880" ("Oil Industry"). However Standard ***** was split into ***** the thirty companies in 1911 due to the fact that it was declared an illegal monopoly. Among these new comp*****ies were Esso or Exxon, Mobil, Chevron, Atlantic Richfield (*****r ARCO), and Amoco. Shell (1907) and British Petroleum (1909) were also established ***** this period. ("Oil Industry")

The increase 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 the oil *****, but new inventions such as the automobile and the airplane ***** petroleum as fuel..." (Petroleum Industry).

***** also increased the need for ***** oil resources and ***** large Texas ***** fields were exploited in the 1930's. Furthermore, *****, Texaco, Exxon, and Mobil expanded their oil reserves by "...purchasing the rights to the extensive Saudi Arabian oil fields ***** only $50,000 from the king In 1946 ***** replaced coal as ***** 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 *****s; and escal*****ed with the advent of World War Two; while before had been an oversupply of oil ***** the war, the advent of ***** War Two "...***** government ***** importance ***** having a safe supply of *****" (History of Oil).

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

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