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 paints, 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 ********** it is 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 the 1800s, oil ***** ***** as "...***** disinfectant, a vermin killer, hair oil, boot grease, and a cure for kidney stones" (History of *****). In ***** 4th century the Chinese drilled for oil and natural gas. ("Oil *****dustry")

***** 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 ***** lead to the construction of the first oil refinery in 1861. ("Oil Industry") Subsequently, ***** ***** 19th century many of the larger ***** companies were founded. During the Civil War, John D. Rockefeller was to invest in oil and Standard ***** as created in 1870. This company "...refined about 95% ***** the United States' ***** in 1880" ("Oil Industry"). However ***** ***** was split into ***** ***** thirty ***** 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 in this period. ("Oil Industry")

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

***** also *****d the need for new oil resources ***** ***** large Texas ***** fields were exploited in the 1930's. Furthermore, Chevron, Texaco, Exxon, and Mobil expanded their oil reserves by "...***** 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 *****"). ***** a more contemporary sense ***** 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 ***** before the war, ***** advent of World War Two "...taught government the importance of having a safe supply ***** oil" (History of Oil).

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


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