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 pa*****ts, lighting ***** even for medication" (History of the ***** *****). Oil and oil usage is evident in human society even ***** ancient times where the use ***** ***** 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 ***** building purposes in ***** cement*****g of the walls of Babylon. (History ***** Oil Use) Even as late as the 1800s, oil was ***** as "...a disinfectant, a vermin killer, hair oil, boot grease, ***** a cure for kidney stones" (***** of *****). ***** the 4th century the Chinese drilled ***** oil *****nd natural gas. ("Oil Industry")

However when whale oil became less abundant there was a search for news ways to obtain oil. The first modern oil well was dug by Edwin Drake in Titusville, Pa, which began the first oil rush. This ***** to lead to ***** construction ***** the first oil refinery in 1861. ("***** 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 Oil as created in 1870. This company "...refined about 95% ***** ***** United States' ***** in 1880" ("Oil Industry"). However ***** ***** ***** split into more the thirty ***** in 1911 due to the fact that it w***** declared an illegal monopoly. Among ********** ne***** companies were Esso or Exxon, Mobil, Chevron, Atlantic Richfield (later ARCO), and Amoco. Shell (1907) and British Petroleum (1909) were also established ***** this period. ("Oil Industry")

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

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

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

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